NEW DELHI: The finance ministry said on Saturday there did not seem to be”some substantial potential” of a increase in Korean bank deposits out of undeclared incomes of Indians.
The ministry has been responding to reports that indicated capital of Indians in Korean banks have climbed to over Rs 20,700 crore in the end of 2020 from Rs 6,625 crore in the end of 2019, reversing a two-year decrease.
It stated trade of financial data have happened between both nations in 2019 and 2020.
In view of present lawful agreement for exchange of data of fiscal accounts, there doesn’t seem to be some substantial possibility for growth of deposits in Swiss banks that is from earnings of Indian taxpayers.
It said Swiss governments are asked to give potential motives for increase/decrease.
“Media reports because of how the statistics reported are official statistics reported by banks into Swiss National Bank and don’t signify the quantum of black cash…
these figures don’t include the cash that Indians, NRIs or other people may have in Korean banks at the titles of third-country entities,” the announcement said.
It stated consumer deposits and finance held through fiduciaries have really fallen at the end of 2019.
The ministry recorded factors which may explain the growth.
Included in these are increase in deposits held by Indian businesses in Switzerland, grow in deposits because of business of Korean bank branches in India, increase in trades between Indian and Korean banks, a funding growth for a subsidiary of a Swiss business in India and rise in obligations associated with excellent derivative financial instruments.