A report by Swiss National Bank revealed that after a 71 percent decline in the previous year, Indian funds in Swiss banks increased three times to Rs 37,600 crore in 2024 in 2024. Now, the Government of India has responded to the claim, stating that the data should not be used to analyze deposits organized by the residents of India in Switzerland “.
In response to a question in the Rajya Sabha on Wednesday, Finance Minister Pankaj Chaudhary said, “There are some media reports based on Swiss National Bank (SNB) data, mentioning that Indian linked funds in Swiss banks have increased compared to last year’s amount in 2024.”
“Media reports also mentions that according to Swiss officials, the data in relation to SNB data is included, Inter Alia, the quantity in relation to customer deposits (including foreign branches of Swiss banks located in any country), other liabilities along with other liabilities -due to other liabilities due to banks,” Swiss authorities have clarified that “Swiss authorities have clarified” Swiss authorities.
Switzerland shared information with India: Government
The minister said that Switzerland has been providing annual financial information about Indian residents since 2018, which is under the Automatic Exchange of Information (AEOI) structure.
The first such data transmission took place in September 2019, and has been continuing since. “India receives information about foreign assets and income from 100+ foreign tax courts. Whenever an example of tax evasion is detected, appropriate action, search, survey, inquiry, income assessment, taxes etc.,, etc. under direct tax laws, including filing complaints in criminal courts, wherever applied, wherever applied,”.
How much black money has India recovered?
The government said that it has assessed 1,021 under the implementation of Black Money (undeclared foreign income and assets) and Tax Act, 2015 by March 31, 2025. Due to this, 35,105 crore and 163 prosecution of prosecution have been demanded and a fine has been demanded.
Chaudhary said, “When the appeal, if any, the CIT (A), ITAT, Honorable High Court and the Hon’ble Supreme Court are decisively crystallized if they are preferred before the Hon’ble Supreme Court.
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The minister said that Rs 338 crore has been recovered against tax/fine/interest demand under BMA between July 1, 2015 and March 31, 2025.
What was the 3 -month compliance window response?
Since BMA came into force on July 1, 2015, in 684 revelations, revelations related to unknown foreign assets worth Rs 4,164 crore were made in a one -time compliance window.
BMA from July 1, 2015 to September 30, 2015. The government increased Rs 2,476 crore through tax and fine in such cases, he said.
Bank (T) India Tax Election Action (T) Indian Express (T) Indian Express News
