The Swiss government has handed over the first list of Indian account holders in Swiss banks to India. Bankers and Central Board of Direct Taxes (CBDT) officials say the information is being analyzed. Most of the accounts in this list are those that were closed for fear of action. Accounts of people related to politics are being investigated in depth. The information on Swiss bank accounts of Indians is being made available from 1 September after the automatic exchange of banking information between India and Switzerland.
Bankers told the news agency that foreign banks have prepared data related to Indians on the instructions of the Swiss government. It includes transaction details of all accounts that have been active for one day since 2018. These information will help in action against those having undisclosed assets in Swiss bank accounts. It contains information related to investment in deposits, transfers and other assets.
Withdrawal from accounts after campaign against black money
Bankers and regulatory officials have said that the list of account holders is mostly from South-East Asian countries, Indians and businessmen living in the US, UK, Africa and South American countries. Bankers admitted that a large amount of money was withdrawn from these accounts after a global campaign against accounts of Swiss banks that were once completely confidential. Many of these accounts were also closed. The accounts of the accounts closed in 2018 have also been reported.
Accounts of 100 Indians were closed before 2018
Apart from this, there are 100 such accounts of Indians, which were closed before 2018. The Swiss government is also in the process of sharing information about these accounts. These accounts are from businessmen associated with auto parts, chemical, textile, real estate, diamond and steel products. Special attention is being paid to the information of the accounts of people associated with politics.
Swiss bank revealed names of 50 traders in June
In June this year, the Swiss government revealed the names of 50 Indian businessmen holding black money in foreign banks. The Swiss authorities had also sent a notice to the account holders to present their case. Most of them were from Kolkata, Mumbai, Gujarat and Bengaluru. In the last one year, the names of more than 100 Indian account holders have been revealed.
Britain tops Swiss bank accounts
Britain is at the forefront of holding money in Swiss banks. According to the Swiss National Bank (SNB) report released in June this year, UK businessmen accounted for 26% of the total deposits in 2018. There is a gradual decline in the amount of money held by Indians here. India is currently at number 74. Last year, the deposits of Indians had decreased by 6%, ranking 73 at the time. Indians account for 0.07% of deposits in Swiss banks let’s wait for more names.