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New Delhi/Zurich: There has been uproar and agitation in the country from time to time over the alleged black money of Indians deposited in Swiss banks. But for the last few years, the issue of black money has not been in discussion. But a report during this time has surprised everyone. After Narendra Modi became the Prime Minister, there has been a strong blow to the black money of Indians deposited in Swiss banks. According to a report, the money deposited by Indian individuals and companies in Swiss banks through local branches and other financial institutions has fallen by a sharp 70 percent to a four-year low of 1.04 billion Swiss francs (Rs 9,771 crore) in 2023. The strict policies formulated by the Modi government against black money are believed to be the reason for this decline.
According to the annual data released by the Central Bank of Switzerland on Thursday, the total wealth of Indian customers in Swiss banks has declined for the second consecutive year. It had reached a 14-year high of 3.83 billion Swiss francs in 2021. The main reason for the decline is a sharp fall in the money held through bonds, securities and various other financial instruments. In addition, there has also been a significant decline in deposits in customer deposit accounts and money held through other bank branches in India, according to the data.
What do Swiss bank figures say
These are official figures reported by banks to the Swiss National Bank (SNB) and do not indicate the amount of the much-discussed alleged black money held by Indians in Switzerland. These figures do not include money that Indians, NRIs or others may have held in Swiss banks in the name of third-country entities. The ‘total liabilities’ of Swiss banks or ‘amounts owed’ to their Indian customers at the end of 2023 have been reported by the SNB as 103.98 crore Swiss francs.
These include 310 million Swiss francs in customer deposits (less than 394 million Swiss francs at the end of 2022), 427 million Swiss francs (less than 111 million Swiss francs) held through other banks, 10 million Swiss francs (less than 24 million Swiss francs) through trusts or trusts and 302 million Swiss francs (less than 1896 million Swiss francs) in other amounts payable to customers in the form of bonds, securities and various other financial instruments. According to SNB data, the total amount was at a record high of about 6.5 billion Swiss francs in 2006. After this, it has mostly been on a downward trend except for a few years including 2011, 2013, 2017, 2020 and 2021.
