Security of Indians decreased by 6% in Swiss banks, 3rd-lowest amount in three decades

Security of Indians decreased by 6% in Swiss banks, 3rd-lowest amount in three decades
The security of Indians decreased by 6% in Swiss banks, the third-lowest amount in three decades.

The deposits of India’s people and companies in Swiss banks and its Indian branches declined by 6 % to 89.9 crore Swiss francs (Rs 6,625 crore) in 2019. According to the annual data released on Thursday by Switzerland’s central bank SNB. This is the second consecutive year when the deposits of Indians in Swiss banks have decreased. The Swiss National Bank (SNB) began collecting data from 1987; it reached the third-lowest level in more than three decades.

According to SNB, at the end of 2019, Swiss banks owed a total of 89.946 crore Swiss francs to Indians. This included 55 crore Swiss francs (CHF) (over Rs 4,000 crore) customer deposits, 8.8 crore Swiss francs (Rs 650 crore) deposits through other banks, and 25.4 crore Swiss francs (Rs 1,900 crore) additional funds securities and other financial products as are. Also, 74 lakh Swiss francs (Rs 50 crore) are deposited through the trust.

Earlier, Indian and Swiss authorities had said that the ‘Local Banking Statistics’ of Bank of International Settlement (BIS) had given a more reliable way of estimating the deposits of Indians. According to this, in 2019, it increased by a modest 0.07 percent to $ 9.06 million (about Rs 646 crore).

The Swiss authority has always maintained that Indians’ money deposited in Switzerland cannot be called ‘black money,’ They fully support India in its campaign against corruption and fraud. India and Switzerland have a system of automatic exchange of information on tax matters since 2018. 

The wealth of Pakistanis in Swiss banks fell by about 45 percent to 41 crore Swiss francs (nearly Rs 3,000 crore). Bangladesh’s money was down 2 percent to 60.5 crore Swiss francs (approximately Rs 4,500 crore). According to SNB, there were a total of 246 banks in Switzerland at the end of 2019.