Swiss Bank Deposits By Indians: Deposits of Indians and companies in Swiss banks have declined. The Switzerland Central Bank has released data showing that Indian and Indian companies’ funds in Swiss banks fell by 11 percent to 3.42 billion Swiss francs (Rs 30,000 crore) in 2022.
Here Indian people and companies deposit money in Swiss banks. Some people also deposit money in Swiss banks through Swiss bank branches and other financial institutions located in India. This is the official figure published by the banks based on the data provided by the banks to the Switzerland Central Bank. However, it does not include the figure of black money deposited by Indians in Swiss banks. These figures do not include money deposited in Swiss banks by Indians, NRIs or any other person in the name of entities located in third countries.
According to the Switzerland Central Bank, 3.42 billion Swiss francs are owed on Swiss banks by the end of 2022, known as gross liabilities. In 2006, Indians deposited a record 6.5 billion Swiss francs in Swiss banks, after which Indian deposits have been steadily declining. This jump was seen only in 2011, 2013, 2017, 2020 and 2021.
Swiss authorities are of the view that the amount deposited by Indians in Swiss banks cannot be termed as black money. They say that they are continuously cooperating with India in stopping tax fraud and tax evasion. Since 2018, the Treaty on Automatic Information Sharing Relating to Tax Matters has come into force between India and Switzerland. Under this rule, in September 2019, all Indians having accounts with SWIC banks since 2018, their information was shared with the tax authorities of India and is now shared every year. Swiss authorities are sharing details of people who are involved in financial fraud after the Indian government provided evidence.
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