The Finance Ministry has refuted media reports regarding black money allegedly held by Indians in Switzerland.
Reports have appeared in the media stating that funds of Indians in Swiss Banks have risen to over 20 thousand 700 crore rupees at the end of 2020 from six thousand 625 crore rupees at the end of 2019. Swiss Authorities have been requested to provide information on the increase and decrease of deposits.
India and Switzerland are signatories to the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. Both the countries have also signed the Multilateral Competent Authority Agreement. Based on this agreement, automatic exchange of information has been activated from 2018 for sharing financial account information annually between the two countries.
The Finance Ministry has said, in view of the existing legal arrangement for the exchange of information of financial accounts, there does not appear to be any significant possibility of the increase of deposits in the Swiss banks. The Ministry has also said that figures related to deposit money do not include the money that Indians and NRIs might have in Swiss banks in the names of third-country entities.
Vishal Sharma is an experienced Indian journalist, cyber security consultant, social activist, and poet writing under the pen name Surur Akbarabadi. With over two decades in journalism, he has worked across print, digital, and TV media, including notable roles at The Indian Express, The Pioneer, Indo-American Times, and Business Standard. He is currently the editor of Agra24.in, a bilingual news portal focused on Agra, which he co-founded to provide in-depth analysis and balanced reporting.
Based in Agra and Lucknow, Vishal balances his professional commitments with family life. Academically, he has studied Life Sciences, Law, and Business Management, and has pursued studies in journalism and mass communication. His journalism covers current affairs, business, and social issues, with a focus on factual reporting and avoiding controversial topics that could harm social harmony.
As a poet inspired by Urdu legends like Ghalib and Nazir Akbarabadi, Vishal’s work combines personal insight with societal critique. He actively promotes communal harmony through his role as Vice-Chairman of Hindustani Biradari, an organization founded to emphasize unity beyond religion and caste. He is also Secretary of the Agra Tourist Welfare Chamber and was also a member of Agra’s Heritage and History Conservation Committee, working to preserve the city’s cultural heritage.
Professionally, Vishal brings his cyber security expertise to his media work, enhancing the technical and editorial quality of his news platforms. His interests include photography and travel, particularly exploring India’s diverse landscapes and cultural heritage sites like Rajasthan, especially Sariska. His contributions reflect a steady commitment to journalism, cultural preservation, and social cohesion without excessive embellishment.
The Finance Ministry has refuted media reports regarding black money allegedly held by Indians in Switzerland.
