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Loans, deposits by Indians in Swiss banks down 34.5% in 2017

8 January, 2019 3:40 PM
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Loans, deposits by Indians in Swiss banks down 34.5% in 2017

Loans and deposits of non-bank Indians in Swiss banks decreased by 34.5 percent in 2017 as compared with the previous year, Parliament was informed.

There was a significant reduction in Swiss non-bank loans and deposits of Indians by as much as 80.2 percent between 2013 and 2017, Minister of State for Finance Shiv Pratap Shukla said in a written reply to a question in Rajya Sabha.

"The data collected by Swiss National Bank in collaboration with Bank for International Settlements (BIS) shows that the loans and deposits of Indians, other than banks, in the Swiss banks decreased by 34.5 percent in the year 2017 as compared to 2016," he said.

Referring to the treaty signed between India and Switzerland for automatic sharing of information, the minister said the government would start receiving information from September 2019 which will help track black money held in Swiss banks.

Source: moneycontrol.com

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