The sources said that the Swiss banks' data, which was made public earlier, has been ‘misinterpreted’ by a section of the media as it includes 'non-deposit liabilities', 'business of Swiss branches located in India', 'inter-bank transaction' and 'fiduciary liability'
Contrary to reports in a section of the media, it has been found that there is a dip in Indian money in Swiss Banks. According to government sources, Swiss non-bank loans and deposits have reduced by a significant 80.2% under the NDA government between 2013 and 2017.
The sources said that the Swiss banks' data, which were made public earlier, had been ‘misinterpreted’ by a section of the media as it includes 'non-deposit liabilities', 'business of Swiss branches located in India', 'inter-bank transaction' and 'fiduciary liability'.
Sources said further that data from BIS show non-bank loans and deposits (which really constitute the individual and corporate deposits used as black money haven in the past and exclude inter-bank transactions) have fallen by 34.5% in 2017 compared to 2016 ($524 million in 2017 vs $800 million in 2016).
India signed an agreement with Switzerland on December 21, 2017. Both the countries started collecting data in accordance with global standards on January 1 and would start the exchange of data from September 2019 on a yearly basis. This makes relevant information available in India which eliminates the threat of black money and action can be taken against any entity indulging in such activities.
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