India Engaging Proactively With Switzerland To Obtain Info Under Tax Treaty

Replying to queries related to deposits by Indians in Swiss banks, Minister of State for Finance Pankaj Chaudhary said certain media reports have stated that funds of Indians in Swiss Banks have risen in 2020.

The government on Tuesday said that India is engaging proactively with Switzerland to obtain information in relevant cases under the Double Taxation Avoidance Agreement between the two countries. Replying to queries related to deposits by Indians in Swiss banks, Minister of State for Finance Pankaj Chaudhary said certain media reports have stated that funds of Indians in Swiss Banks have risen in 2020. These media reports have also mentioned that the figures do not indicate the quantum of alleged black money held by Indians in Switzerland, he added. "In respect of these media reports, the Swiss authorities have recently, inter alia, conveyed that the SNB's (Swiss National Bank) report provides a comprehensive picture of the Swiss banking sector and is based on the SNB's annual banking statistics," Mr Chaudhary said in a written reply to Rajya Sabha.