Indian Money In Swiss Banks

Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, declined by 11 per cent in 2022 to 3.42 billion Swiss francs (nearly Rs 30,000 crore), annual data from Switzerland's central bank showed on Thursday. The decline in aggregate funds of Indian clients with Swiss banks, from a 14-year-high of CHF 3.83 billion in 2021, follows two consecutive years of increase and was largely driven by a sharp plunge of nearly 34 per cent in customer deposit accounts from a seven-year high. These are official figures reported by banks to the SNB and do not indicate the quantum of the much-debated alleged black money held by Indians in Switzerland. These figures also do not include the money that Indians, NRIs or others might have in Swiss banks in the names of third-country entities. The total amount of CHF 3,424 million, described by the SNB as 'total liabilities' of Swiss banks or 'amounts due to' their Indian clients

The rise in aggregate funds of Indian clients with Swiss banks marks the second consecutive year of increase

TMS Ep155: Power crisis, K Srinath Reddy, real estate, Swiss banks

How can India address its power shortage? Why does K Srinath Reddy think fourth Covid-wave won't be severe? How should you invest in real estate? How do Swiss Banks work? All answers here.

India had received the first set of details from Switzerland under AEOI (Automatic Exchange of Information) in Sept

The finance ministry on Saturday asserted that Indian customer deposits in Swiss banks have fallen since 2019, but said it is seeking details from Swiss authorities on the relevant facts

Funds held in Swiss banks by clients from UK, US decline; money from Bangladesh down too, but Pakistani funds double

The Swiss government began making details of dormant accounts public in 2015 to allow their claimants submit necessary proof to get access to those funds, which included at least 10 accounts

Full details of the entire flow of funds to and from all the accounts that were active even for a single day in the year 2018 will be provided

Money held by Indians with banks in Switzerland account for only 0.04% of the total funds

The funds held by Indians in Swiss banks stood at a record high of Rs 23,000 crore at 2006-end