Ministry of Finance Addresses Recent Report on Swiss Bank Deposit

The Ministry of Finance on Friday addressed recent media reports concerning an increase in money deposited by Indian entities in Swiss bank accounts, providing an update on India's ongoing efforts to combat offshore tax evasion through international exchange of information.

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"In this context, it is stated that in order to combat the problem of offshore tax evasion, tax jurisdictions cooperate among themselves and share relevant information about financial assets held by the citizens of other countries in their tax jurisdiction," the ministry of Finance said.