No official estimate of exact amount deposited by Indians, companies in Swiss banks: FM

There is no official estimate of the exact amount of money deposited by Indian citizens and companies in Swiss banks, Union Finance Minister Nirmala Sitharaman said in a written reply to a question in the Lok Sabha on Monday.

On questions on money deposited in Swiss banks by Indians, Sitharaman said: "There is no official estimate of amount of money deposited by Indian citizens and companies in Swiss banks".

However, she said certain recent media reports have stated that funds of Indians in Swiss Banks have risen in 2021 as compared to 2020.

These media reports have also mentioned that these deposits do not indicate the quantum of the alleged black money held by Indians in Switzerland.

The minister said the Swiss authorities had conveyed that the Swiss National Bank (SNB) annual banking statistics should not be used for analysing deposits held in Switzerland by residents of India.