MoS Pankaj Chaudhary says increased funds of Indians in Swiss Banks do not indicate alleged black money

Minister of State For Finance Pankaj Chaudhary on Tuesday dismissed media reports on the increase of Indian funds in the Swiss Banks and stating that the figures do not indicate the quantum of alleged black money held by Indians in Switzerland.

Minister of State For Finance Pankaj Chaudhary on Tuesday dismissed media reports on the increase of Indian funds in the Swiss Banks and stating that the figures do not indicate the quantum of alleged black money held by Indians in Switzerland. Responding to a starred question on whether it is a fact that there has been a huge increase in the deposits made 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 but they have also mentioned that the figures do not indicate the quantum of alleged black money held by Indians in Switzerland.

During the financial year of 2018-19, 54 prosecutions were launched under the Black Money Act, 2015 and a demand of Rs 135 crores was raised. 42 prosecutions were launched in 2019-20 and a demand of Rs 1,026 crores was raised.

In FY 2020-21, a demand of Rs 7055 crores was raised and eight prosecutions were launched. The minister said India is engaging proactively with Switzerland to obtain information in relevant cases under the Double Taxation Avoidance Agreement (DTAA) between India and Switzerland.

"Further, India and Switzerland are signatories to the Multilateral Convention on Mutual Administrative Assistance in Tax Matters and both countries have also signed the Multilateral Competent Authority Agreement pursuant to which, Automatic Exchange of Information is activated between the two countries for sharing of financial account information under Common Reporting Standard (CRS) annually," he stated in his reply. Chaudhary said the 'Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015' was enacted by the government to specifically and more effectively deal with the issue of black money stashed away abroad. (ANI)

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