New Delhi: Indian nationals have always been obsessed with stashing their money in Swiss banks.
Now, it has been reported that funds deposited by Indian clients in Swiss banks have increased for the second consecutive year rising to a 14-year-high of 3.83 billion Swiss francs (over Rs 30,500 crore) in 2021, said a PTI report citing the annual data from Switzerland’s central bank.
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.
Fact file
- 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.
- It does not account for the alleged black money held by Indians in Switzerland
- It also does not include the money that Indians might have in Swiss banks in the names of third-country entities.
- The money held in customers’ savings or deposit accounts of Indian account holders increased to a seven-year high of 602.03 million Swiss francs (over Rs 4,800 crore) in 2021.
- In 2020, it was 504 million (over Rs 4,000 crore) and 550 million Swiss francs (over Rs 4,442 crore) in 2019.
- The money held through fiduciaries and trusts also increased to 3 million Swiss francs (over 24.75 crore) from 2 million Swiss francs (over Rs 16.5 crore) in 2020.
- In 2019 it was 7.4 million Swiss francs (over Rs 59.76 crore).
- The amounts deposited through bonds, securities and various other financial instruments also rose to 2 million Swiss francs (over Rs 16.5 crore) from 1.66 million Swiss francs (nearly Rs 12.8 crore).
