Swiss Bank Claimed: Money of Indians Exceeded 20 Thousand Crores
The money deposited by Indians in the banks of Switzerland has crossed 20 thousand crores. According to the annual data released by Switzerland's central bank on Thursday, the deposits of Indian citizens and institutions and companies in Swiss banks increased to more than 2.55 billion Swiss francs (about Rs 20,700 crore) during the year 2020.
On the one hand, while the money deposited in private bank accounts has come down, there has been a lot of money deposited by financial institutions and companies in securities and other ways. According to data from the Swiss National Bank (SNB), the number of deposits of Indians stood at 899 million Swiss francs (Rs 6,625 crore) at the end of 2019. The 2019 figure was a reversal of a two-year downward trend and the highest level of Indian deposits in banks in the past 13 years.
According to the Swiss Bank
Indian deposits had touched a record high in 2006 with around 6.5 billion Swiss francs, but after that, Indians did not show much interest in depositing money in Swiss banks except in 2011, 2013, and 2017. was. But 2020 left behind all the figures of deposits. In the year 2020, where private customer accounts accounted for about Rs 4000 crore in Indian deposits, Rs 3100 crore was deposited through other banks.
About Rs 16.5 crore was in trusts etc. and the maximum share of Rs 13,500 crore was received by Indians from Swiss banks in exchange for bonds, securities, and other financial instruments. At the same time, 383 crore Swiss francs (over Rs 3,100 crore) have been kept through other banks. 20 lakh Swiss francs (Rs 16.5 crore) while the maximum amount of 166.48 crore Swiss francs (about Rs 13,500 crore) are held through the trust in the form of bonds, securities, and other financial products.
Some Reports of 2019
The SNB said that the funds classified as customer account deposits have actually declined as compared to 2019. At the end of the year 2019, it was 55 crore Swiss francs. The money held through the trust has also shrunk by more than half last year as against 74 lakh Swiss francs in 2019. However, funds held through other banks have grown faster than the 88 million Swiss francs in 2019. In the year 2019, there was a shortfall in funds in all four cases. These figures have been given by banks to SNB and it does not give any indication about black money held by Indians in Swiss banks.
These figures also do not include the amount that Indians, NRIs, or entities from other third countries can hold in Swiss banks. According to SNB, its figure shows the 'total liability of Swiss banks towards Indian customers. For this, all types of funds of Indian customers in Swiss banks have been kept in mind. This includes deposits received from individuals, banks, and companies. This includes data received from branches of Swiss banks in India as 'non-deposit liability'.
Some Reports of 2020
Overall, the deposits of customers from different countries in Swiss banks increased to about 2,000 billion Swiss francs in 2020. Of this, 600 billion Swiss francs are deposits from foreign customers. Britain tops the list. Its citizens have 377 billion Swiss francs in Swiss banks. It is followed by the US (152 billion Swiss francs). Others in the top 10 are the West Indies, France, Hong Kong, Germany, Singapore, Luxembourg, the Cayman Islands, and the Bahamas. India is ranked 51st in this list and is ahead of countries like New Zealand, Norway, Sweden, Denmark, Hungary, Mauritius, Pakistan, Bangladesh, and Sri Lanka. Among the BRICS countries, India is below China and Russia but ahead of South Africa and Brazil.
According to the Swiss Bank Data
US customers in Swiss bank are decreased according to the data. The funds of customers from Bangladesh also decreased but the funds of Pakistani customers doubled to 64.20 million CHF (Swiss franc). Meanwhile, according to the Bank for International Settlement (BIS) data, this type of fund grew by nearly 39 percent to $12.59 million (Rs 932 crore) in 2020. Indian and Swiss officials considered the BIS data on Indian deposits in Swiss banks to be more reliable.
The Swiss authority has always maintained that the assets held by Indians in Switzerland cannot be treated as black money and they have always supported India against tax fraud and tax evasion. The automatic exchange of information on tax matters between India and Switzerland has been in place since 2018. Under this arrangement, detailed financial information of all Indian residents held in Swiss financial institutions since 2018 was first provided to Indian tax authorities in September 2019. As per the system, it has to be followed every year.
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