Indian companies and people’s money in Swiss banks has increased by 50 percent to 3.83 billion Swiss francs (over Rs 30,500 crore) during 2021. This amount is the highest in the last 14 years. It also includes money deposited in branches of Swiss banks and other financial institutions in India.
According to data released by Switzerland’s central bank on Thursday, Indians’ money in Swiss banks stood at 2.55 billion Swiss francs (Rs 20,700 crore) at the end of 2020. Further, deposits in savings or deposit accounts of Indian customers hit a seven-year high of around Rs 4,800 crore in 2021 after two years of decline.
According to the data, the total liability of Swiss banks to Indian customers by the end of 2021 is 3831.19 million Swiss francs. Out of this, 60.20 crore Swiss francs are in the form of deposits of customers while, 1225 crore Swiss francs are kept through other banks. In addition, 3 million Swiss francs is through trusts etc.
These figures also do not include money that Indians, NRIs or others may have in Swiss banks in the name of entities of a third country. However, the Swiss government does not consider the money of Indians deposited in Swiss banks as ‘black money’. At the same time, Switzerland has said that it has always actively supported India in the fight against tax evasion.
According to statistics, Britain has 379 billion Swiss franc deposits in Swiss banks, which is the highest. After this, US customers have 168 billion Swiss francs in Swiss banks. According to this, only the US and UK are included in the list of customers with deposits of more than 100 billion. Whereas, the top 10 countries having money in Swiss banks include Singapore, West Indies, Germany, France, Hong Kong, Netherlands, Bahamas, Cayman Islands and Cyprus. India ranks first (number 44) in this list, ahead of countries like Poland, South Korea, Sweden, Bangladesh and Pakistan.