Indians’ money increased in Swiss banks, at a high level of last 14 years

Swiss Bank List: Wealth of Indian companies and individuals in Switzerland’s banks grew by 50 percent during 2021 to a 14-year high of 3.83 billion Swiss francs (over Rs 30,500 crore) has reached. It also includes money deposited in Swiss Bank Branches and other financial institutions in India. According to the annual data released by the Central Bank of Switzerland (SNB) on Thursday, Indians’ money in Swiss banks has increased due to increase in stake and customer deposits through related instruments including securities.

Earlier, by the end of the year 2020, Indian money in Swiss banks was 2.55 billion Swiss francs (Rs 20,700 crore). Moreover, 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 Indian customers on Swiss banks by the end of 2021 is 383.19 crore Swiss francs. Of this, 60.20 million CHF is in the form of customer deposits, while 1225 million CHF is held through other banks and 3 million CHF is through trusts etc.

does these figures show the presence of black money?
These figures have been given to the SNB by the banks of Switzerland. These do not reflect the alleged black money of Indians in Swiss banks. These figures also do not include money that Indians, NRIs or others may have in Swiss banks in the name of entities of any third country. The Swiss government, however, converts the money of Indians deposited in the banks of Switzerland to ‘black money’. Doesn’t agree. Switzerland says it has always actively supported India in its fight against tax evasion.

India ranks 44th for depositing money in Switzerland
According to statistics, if we talk about foreign customers, the UK has 379 billion Swiss franc deposits in Swiss banks, which is the largest is more. After this, US customers have 168 billion Swiss francs in Swiss banks. Only the US and UK are included in the list of clients with deposits over 100 billion. At the same time, the list of top ten countries having money in Swiss banks includes West Indies, Germany, France, Singapore, Hong Kong, Bahamas, Netherlands, Cayman Islands and Cyprus. India ranks 44th in this list, ahead of countries like Poland, South Korea, Sweden, Bangladesh and Pakistan.

Black money has been at the center of discussion
Deposit of citizens of Pakistan has also increased in Swiss banks to 712 million Swiss francs and customers of Bangladesh The deposit amount increased to 872 million Swiss francs. Along with India, the alleged black money in Swiss banks has always been in discussions in neighboring countries like Bangladesh and Pakistan.

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