Indian money has increased in Swiss banks, at a high level of the last 14 years

List of Swiss banks: Indian corporate and personal wealth in Swiss banks has increased by 50% to a 14-year high of 3.83 billion Swiss francs (over Rs 30,500 crore) in 2021. It also includes silver deposited in Swiss bank branches and other financial institutions in India. According to annual data released Thursday by the Central Bank of Switzerland (SNB), Indian money in Swiss banks has increased due to increased participation and customer deposits through related instruments, including including titles.

Previously, at the end of 2020, Indian money in Swiss banks stood at 2.55 billion Swiss francs (Rs 20,700 crore). Additionally, deposits in savings or deposit accounts of Indian customers hit a seven-year high of around Rs 4,800 crore in 2021 after two years of decline. According to the data, the total liability of Indian customers to Swiss banks by the end of 2021 is 383.19 crore Swiss francs. Of this amount, 60.20 million Swiss francs are in the form of customer deposits, while 1225 million Swiss francs are held by other banks and 3 million Swiss francs through trusts, etc.

Do these figures show the presence of black silver?
These figures were communicated by the Swiss banks to the SNB. These do not reflect the alleged Indian black currency in Swiss banks. These figures also do not include money that Indians, NRIs or others may have in Swiss banks on behalf of third country entities. However, the Swiss government does not consider Indian money deposited in Swiss banks as “black money”. Switzerland claims to have always actively supported India in its fight against tax evasion.

India ranks 44th for money deposits in Switzerland
According to the data, if we talk about foreign customers, the UK has 379 billion Swiss franc deposits in Swiss banks, which is the highest. After that, US customers have 168 billion Swiss francs in Swiss banks. Only the United States and the United Kingdom are included in the list of customers with deposits above 100 billion. Meanwhile, the list of top ten countries with money in Swiss banks includes the West Indies, Germany, France, Singapore, Hong Kong, Bahamas, Netherlands, Cayman Islands and Cyprus. India’s place in this list is 44th ahead of countries like Poland, South Korea, Sweden, Bangladesh and Pakistan.

Black money has been at the center of discussions
Deposits by Pakistani citizens also increased to 712 million Swiss francs in Swiss banks and 872 million Swiss francs with Bangladeshi customers. Along with India, alleged black money in Swiss banks has always been discussed in neighboring countries like Bangladesh and Pakistan.

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