Claim it, or state will take it, say bankers.
By Dileep Thekkethil
The Swiss Bankers Association has revealed the names of four Indian nationals whose accounts have been dormant for over 60 years.
The names of the Indians were released as part of a long list of over 2,600 accounts that have done few transactions over a period of 60 years.
The bank publicized the names of the account holders in an attempt to give them a chance to claim the funds that have been left untouched for the past several years before the state takes its ownership.
The Indian names found in the list are Pierre Vachek, whose residence is mentioned as Bombay, Bahadur Chandra Singh from Dehradun, Dr. Mohan Lal from Paris and Kishore Lall. Vachek’s date of birth has been disclosed by the authorities.
According to the Swiss Bankers Association, over 44 million Swiss francs ($44.5 million) is lying in different accounts, which are not managed for the past several decades since 1955. Also, close to 80 safety deposit boxes are still to be claimed by the owners.
The association has created a separate website www.dormantaccounts.ch for people to check the names listed as dormant accounts.
Claude-Alain Margelisch, chief executive of the Swiss Bankers Association said: “By publishing this information, the banks are making a last attempt to re-establish contact with the customer.â€
“For the banks, on the other hand, these new regulations create legal certainty for the treatment of dormant assets,†he added.
According to the association, more names will be added to the list every year as and when the dormant accounts complete the 60-year term.
Dormant accounts are a huge issue in Switzerland after the World Jewish Congress led a campaign in 1990s asking the Swiss banks to return the assets of the holocaust victims.
But in 1998, after the continuous pressurization from Jewish organizations and the US government, the Swiss bank authorities agreed to pay $1.2 billion to settle the allegation that it failed to inform the heirs of the account holders before draining their accounts.