Dollars
India Inc, policy makers bid for more Indo-US economic cooperation. Pictured: US Dollars [Representational Image]Reuters file

Names of at least four Indians figure in the list of 2,600 dormant bank accounts published by Switzerland for the first time.

The list contains names of individuals or companies who have not done any transaction in these accounts in the past 60 years.

The combined value of the assets is about $44.5 million, according to agency reports.  

The law on dormant assets in Switzerland came into force from 1 January, 2015.

The deadline for potential legitimate claimants is one year, or five years if the assets in question have been dormant since at least 1954.

"By publishing this information, the banks are making a last attempt to re-establish contact with the customer. This publication gives customers and their legal heirs another opportunity to assert their claims to dormant assets before the banks must then transfer these definitively to the government. For the banks, on the other hand, these new regulations create legal certainty for the treatment of dormant assets," said Claude-Alain Margelisch, CEO, Swiss Bankers Association. 

The transfer of the assets renders all claims null and void.

The publication of the list will be an annual feature from next year.

Quick Links