According to data released on Thursday by Swiss National Bank, the fund of Indians and Indian companies deposited in Swiss banks fell nearly six percent in 2019. It has now come down to 6,625 crores. This marks the 2nd consecutive year of decline in fund of Indians with all Swiss banks. This was reduced by 44 percent in 2017 and 11 percent in 2018. At the end of 2007, this black money was more than Rs 9,000 crore.
According to data released, the deposits of Indians have reached the lowest level in three decades since 1987. In 1987, the Swiss National Bank started data collection. The current black money deposited in Swiss bank is around Rs 6,625 crores, while the customer deposits in it are more than 4,000 crores. It also includes Rs 650 crores deposited from other banks, Rs 50 crores deposited by the Trust and 1900 crores held as securities. All four of these components fall in 2019. However, these figures also do not include the money that Indians, NRIs or others might have in Swiss banks in names of third-country entities.
However, Swiss agencies have always maintained that the assets of Indian residents in Switzerland should not be treated as black money. They say that they have promised active support in India's war against black money, tax evasion and fraud.
India and Switzerland had agreed on the automatic exchange of information related to tax matters since 2018. Since then, Switzerland has been reporting the deposits of Indians in Swiss banks. Apart from this, Switzerland has also been actively sharing information on suspected financial fraudsters on the basis of prima facie evidence.
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