In 2020, Indians' deposits in Swiss banks amounted to Rs. 20,500 crore

(PTI) New delhi date. 20

According to information provided by the Swiss authorities to the Ministry of Finance, customer deposits in Swiss banks do not need to be in Switzerland and the amount can also be in its foreign branches, Finance Minister Pankaj Chowdhury said in a statement.

According to new data released by the Swiss National Bank (SNB), deposits of Indian people and companies in Swiss banks in Swiss banks increased to 2.3 billion Swiss francs (Rs 30,600 crore) in 2020. Which is the highest in the last 15 years.

Replying to a written question in the Rajya Sabha, Chaudhry said the Swiss authorities had presented a complete picture of the Swiss baking sector in the wake of recent media reports. This report is based on SNB's annual backing statistics.

Last month, the Indian Finance Ministry sought details from the Swiss authorities. The information was sought under the Double Taxation Avoidance Agreement (DTAA) between India and Switzerland.