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Loans, deposits by Indians in Swiss banks down 34.5% in 2017

Press Trust of India  |  New Delhi 

Loans and deposits of non-in Swiss banks decreased by 34.5 per cent in 2017 as compared with the previous year, Parliament was informed Tuesday.

There was a significant reduction in Swiss non-loans and deposits of by as much as 80.2 per cent between 2013 and 2017, of State for Finance Shiv said in a written reply to a question in Rajya Sabha.

"The data collected by in collaboration with shows that the loans and deposits of Indians, other than banks, in the Swiss banks decreased by 34.5 per cent in the year 2017 as compared to 2016," he said.

Referring to the treaty signed between and for automatic sharing of information, the said the government would start receiving information from September 2019 which will help track black money held in Swiss banks.

"The necessary legal arrangements have been put in place and from September 2019 onwards, will receive annually, information of financial accounts held by Indian residents in for the calendar year 2018 and subsequent years. This will be useful in tracing unaccounted income and assets of Indian residents in and bringing the same to tax," Shukla said.

The use and disclosure of the information received is governed by the confidentiality provisions of the India-Switzerland tax treaty, he added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, January 08 2019. 20:31 IST