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FinMin negates reports claiming rise in Swiss bank deposits, but seeks clarification from authorities

New Delhi: The finance ministry on Saturday asserted that Indian customer deposits in Swiss banks have fallen since 2019, but said it is seeking details from Swiss authorities on the relevant facts along with their view on possible reasons for changes in the funds parked by individuals and entities in 2020. In a statement, the ministry said the deposits have halved but did not give numbers. Quoting data from Switzerland''s central bank, PTI had reported on 17 June that funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to a 13-year high of 2.55 billion Swiss francs (over Rs 20,700 crore) in 2020 on a sharp surge in holdings via securities and similar instruments, though customer deposits fell. In its statement, the ministry said the figures "do not indicate the quantum of much-debated alleged black money held by Indians in Switzerland. Further, these statistics do not include th

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