India receives first round of details of bank accounts in Swiss Bank, deposits fall by 6%, signals data

New Delhi, October 07: The Modi government, which has been in power since 2014, has promised to bring back black money stashed in the foreign accounts has got a big success. Switzerland has submitted to India the details of the first round of black money of Indians deposited in Swiss bank. This information also includes information on current accounts.

It is noteworthy that Switzerland has provided this information to India under an automated arrangement. The Federal Tax Administration (FTA) of Switzerland has given this information to India. The FTA spokesman said on Monday that this information was given to India for the first time under the AEOI Framework. The FTA has exchanged information on financial accounts under the Global Standards Framework on AEOI.

Under this framework, information is exchanged for financial accounts that are currently active or have been closed in 2018. It is told that India is in the list of 75 countries with which the FTA has exchanged information. The spokesman said that the next exchange of financial accounts would take place in September 2020. However, the FTA refused to give any specific information related to India, saying that it was a matter related to privacy. Switzerland sent details of 31 lakh Swiss accounts.

The Federal Tax Administration of Switzerland has sent details of a total of 3.1 million bank accounts to the countries involved in the agreement. But it has received 2.4 million information from these countries. These information related to the Swiss bank account include identification, information related to the account and money and also the name, address, nationality, tax identification number, information related to financial institutions, money lying in the bank account and capital income.

Indians estimated to accumulate Rs 6,757 crore

At the same time, according to the data released by Swiss National Bank (SNB), the amount deposited by Indians in Swiss bank fell by about 6% to Rs 6,757 crore in the year 2018. At the same time, this is the second lower level of deposits in the last two decades. According to the ‘Local Banking Statistics’ of the Bank for International Settlement (BIS), the amount deposited by Indians in Swiss bank declined by 11% in 2018.

India at 74th position in Swiss bank deposits

India ranks 74th globally in the list of countries with black money in Swiss bank, while Britain occupies the first place. In the Swiss bank ranking of money hoarders, America is at number two, West Indies at number three, France at number four and Hong Kong at number five. It is worth noting that more than 50 percent of the money deposited in Swiss Bank belongs to the people of these five countries.

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