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New Delhi: Member of Rajya Sabha John Brittas raised some questions in the Parliament on Tuesday about the presence of Indian-linked banked in the Swiss banks. Brittas asked if the number of Indian-linked funds in Swiss banks have surged more than three times the previous year’s amount and if there can be details of individual versus institutional deposits.
He also asked about the details of outstanding tax demand as on date arisen from the data shared with India via Automatic Exchange of Information under India-Switzerland tax agreement, the details and status of enquiries conducted regarding Swiss holdings, and steps taken to recover unpaid taxes, penalties, or interest by Indian citizens or entities holding Swiss deposits, and total amount recovered so far.
Pankaj Chaudhary, Union Minister of State for Finance replied that as per some media reports based on Swiss National Bank (SNB) statistics, Indian linked funds in Swiss banks have risen in 2024 as compared to previous year's amount. It is also relevant to mention that as per Swiss authorities, the data in respect of
SNB statistics includes, inter alia, amounts due in respect of customer deposits (including in foreign branches of Swiss Banks located in any country), other liabilities as well as amounts due to banks. The Swiss authorities have also clarified that the SNB annual banking statistics should not be used for analysing deposits held by residents of India in Switzerland.
He also said that the tax demand arising in cases of undisclosed foreign income or assets can pertainmultiple jurisdictions. Between July 2015 and March 2025, tax demand of Rs.21,719 crores has been created as a result of assessments completed under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. In addition, demand of Rs.13,385 crores has been raised tillMarch 2025 on account of penalties imposed under various sections of Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
He added that such enquiries are conducted on case-by-case basis by the jurisdictional authorities.Whenever any instance of tax evasion is detected, appropriate action under Direct Tax Laws, including searches, surveys, enquiries, assessment of income, levy of taxes, penalties, as well as filing of prosecution complaints in criminal courts, as may be applicable, is taken.
