India: No information of black money in Swiss Banks, claims Jaitly

New Delhi (June 23, 2014): After media reports revealed that the Swiss banks have prepared a list of bank accounts of Indians, who has black money in those banks, Finance minister of India Arun Jaitly has claimed that the government has not received any communication from Switzerland about ‘black money’ suspected to be stashed in Swiss banks. Jaitley said he was writing to the Swiss authorities for more information.

India will approach Switzerland to expedite the process of revealing details of “unaccounted money” held by Indians in Swiss banks, finance minister Arun Jaitley said in New Delhi.

Arun Jaitley [File Photo]

“We have not received any official communication from Swiss authorities so far about sharing bank account details of Indians (who have) deposited unaccounted money there,” Jaitley told the media.

“We are today writing ourselves to the Swiss authorities with whom the ministry has been in touch so that details with regard to whatever information the authorities have can be expedited and the cooperation between the Swiss authorities and the government of India can bring fruitful results. Our communication will be sent today itself,” Jaitley said.

“News has appeared in various sections of the media quoting Swiss authorities that they are willing to actively cooperate with the government of India in giving details about Indians who hold bank accounts in the Swiss banking system,” he said.

According to the latest data published by Switzerland’s central bank SNB, Indian money in various Swiss banks rose by 43% during 2013 to close to Rs. 14,000 crore, including the money held directly by Indian clients and those through fiduciaries or wealth managers.