Follow by Email

Wednesday, August 10, 2011

MONSOON SESSION: Deposits of Indians in Swiss bank on decline - Pranab Mukherjee!


For LEED Consultancy / IGBC Certifications, Green Building Design, Green Homes, Green Factory Buildings, Green SEZs, Green Townships & Energy Audits - www.greentekindika.com



(File image) Pranab Mukherjee arrives at Parliament House on the opening day of its Monsoon session in New Delhi - PTI
(File image) Pranab Mukherjee arrives at Parliament House on the opening day of its Monsoon session in New Delhi - PTI.


Deposits of Indians in Swiss banks have shown a steady decline over the years and had more than halved to Rs9, 295 crore last year from about Rs23, 373 crore in 2006, the government has said.

Indians accounted for 0.1302 per cent of the total amount belonging to foreigners in different Swiss banks in 2010, Finance Minister Pranab Mukherjee said in a written reply to the Rajya Sabha yesterday quoting Swiss National Bank data.

Part of the deposits in the Swiss Banks, the Minister said, "may be related to legitimate business".

As per the Swiss data, of the total Rs 9,295 crore in deposits by Indians in 2010, Rs 1,372 crore was towards fiduciary business. The deposits of Indians in the Swiss banks was Rs 23,373 crore in 2006. Amid pressure to bring back unaccounted money, India signed a protocol with Switzerland in August last year to revise the Double Taxation Avoidance Agreement (DTAA). The revised treaty, which is in the process of being approved by the Swiss authorities, will help India seek banking sector information from Switzerland.

Once the revised treaty comes into effect, India can seek bank account details for cases dating from January 1, 2011.


Full Story at,

No comments:

Post a Comment