Dormant Swiss accounts not yet claimed, may get liquidated soon

There is lot of money in the Swiss bank accounts which are linked to Indians. No One has claimed dozen of accounts yet. These funds may, therefore, get transferred to Switzerland Government.

In 2015, the Swiss Government had started making a list of such dormant accounts and asked the account holders to submit the proof to access those funds of their accounts. Those included 10 accounts that were linked to Indians.

Account holders were some of the Indian residents and some were from the British Rule era. However, none of them claimed their accounts in the last six years as per the records of the Swiss authorities.

The account holders of those accounts may claim it by end of 2020, however, for some of the accounts claim period will get expired by next month.

There were some accounts of the residents of Pakistan too, which have been claimed already. Other accounts are from many other countries which includes Switzerland.

In December 2015, the list was first time made public and is close to 2600 dormant accounts. These accounts had around 45 million swiss francs which is equivalent to Rs. 300 crores. After the list got public, 80 safety unclaimed deposit boxes were also found.

Since then, the accounts were beign added each year and the total of the dormant accounts became 3500.
It has been a debate matter in India always as it is being doubted that the Indians are hoarding black money in Swiss accounts.

While Swiss bank accounts have been a matter of heated political debate for many years in India due to suspicion that they were being used to hoard alleged black money, it has also been suspected that people linked to the erstwhile princely states had stashed some funds in banks in Switzerland.

Due to the constant global pressure, Switzerland has allowed the countries to inspect their banking system records. Not only this, the country has signed an agreement too with many other countries which include India. As per this agreement, the country would exchange information automatically on financial matters.

Under this agreement, the first batch of details about accounts held by Indians in Switzerland-based financial institutions was given to India. They will share the next batch in September 2020.

In the meantime, the claims for dormant accounts are being managed by the Swiss Banking Ombudsman under cooperation from the Swiss Bankers Association.

As per the information of ombudsman, the dormant accounts which are linked to Indian residents and claimants are being waited, includes at least two persons from the erstwhile Calcutta (now known as Kolkata), one from Dehradun, two from erstwhile Bombay (now known as Mumbai) and also some Indian settled in France and the UK.

Updated: November 14, 2019 — 2:41 am

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