New Delhi: The money saved by Indians and Indian firms in Swiss Banks have risen by over 183 percent in to Rs 20,700 Crore in the last thirteen years. According to data released by the Swiss Central Bank, Indians have deposits of over 2.55 billion Swiss Francs. In 2006, the Swiss Banks had Indian deposits worth 6.5 billion Swiss francs (over Rs 52,500 crore) and thereafter the trend was in downwards. The increase I the deposits are mostly attributed to bonds, securities and other financial instruments that rose from 253 million Swiss francs (Rs 2,043 crore) to 1.66 billion Swiss francs (nearly Rs 13,500 crore), during this period.
Customer account deposits and money held through fiduciaries and trusts have declined from 550 million Swiss francs (over Rs 4,442 crore) in 2019 to 503.9 million (over Rs 4,000 crore) and from 7.4 million Swiss francs (Rs 59.76 crore) to 2 million Swiss francs (Rs 16.5 crore) respectively.
The data from the annual report of the Swiss National Bank is a collection of official figures reported to the central bank by various individual banks and do not take into account the alleged black money by Indians. The Swiss tax authorities had shared data in October 2019 with India regarding the first tranche of details about the financial accounts of Indian clients in Swiss banks under the automatic information exchange framework between the two countries. But, the finance ministry had not shared the details of the data, citing “confidentiality provisions” of a tax treaty between India and Switzerland.