New Delhi: Funds deposited by Indian nationals and firms in Swiss banks rose to a 14-year-high of 3.83 billion Swiss francs (over Rs 30,500 crore) in 2021, PTI reported, citing the annual data from Switzerland’s central bank.
This is the second consecutive year that funds deposited by Indian clients in Swiss banks have increased. Last year, a total of 2.55 billion Swiss francs (over Rs 20,700 crore) were reported in the Indian accounts, an increase of 183% from the 899 million Swiss francs (Rs 6,625 crore) in 2019.
The deposits stood at a record high of 6.5 billion Swiss francs (over Rs 52,500 crore) in 2006.
The data is a collection of official figures reported to the central bank by various individual banks in the country. However, it does not account for the alleged black money held by Indians in Switzerland, according to PTI. It also does not include the money that Indians might have in Swiss banks in the names of third-country entities.
A notion of secrecy has always been associated with the banks in Switzerland, making them popular among people looking to stash their wealth. In 1934, a law was passed by the Alpine republic, making sharing information of clients with foreign countries a criminal offence, according to Business Standard.
However, following pressure from several countries, Switzerland began sharing informationabout people holding accounts in their banks with other countries from 2018 onwards, according to Reuters. The information includes the owner’s name, address, country of residence and tax identification number as well as the reporting institution, account balance and capital income. Scroll. In
