Biggest jump in 13 years
Ground Report | New Delhi: Indians and Indian firms have deposited a lot of money in Swiss banks in the year 2020. This money has also been sent through branches and other financial institutions located in India. Switzerland’s central bank released annual data on Thursday.
The news agency PTI has told on the basis of these figures that in the year 2020, the money of Indians in Swiss banks has increased to more than Rs 20,700 crore. At the end of the year 2019, the money of Indians in Swiss banks was Rs 6625 crore. There was a decline in it in the last two years but there has been a historic increase in the year 2020.
This is the biggest jump in the last 13 years.
The total amount of CHF 2,554.7 million (₹20,706 crore) described by the SNB as ‘total liabilities’ of Swiss banks or ‘dues’ to their Indian customers at the end of 2020 includes CHF 503.9 million (over ₹4,000 crore) . In customer deposits, CHF 383 million (over ₹3,100 crore) was through other banks, CHF 2 million (₹16.5 crore) through fiduciaries or trusts and the highest component of CHF 1,664.8 million (approximately ₹13,500 crore)’ other amounts of clients in the form of bonds, securities and various other financial instruments.
Whereas funds classified as ‘customer account deposits’ have actually decreased by CHF 550 million at the end of 2019 and those also through fiduciaries have more than doubled from CHF 7.4 million, held through other banks. Funds have grown rapidly over this period from CHF 88 million.
According to SNB, its data for ‘total liabilities’ of Swiss banks towards Indian customers takes into account all types of funds held by Indian customers in Swiss banks, including deposits from individuals, banks and enterprises. This includes branches of Swiss banks in India as well as non-deposit liabilities.
The biggest difference, however, has been the increase in ‘other amounts due to customers’ from India, which grew more than six times from CHF 253 million at the end of 2019.
There was a fall in all the four components during 2019.
These are official figures reported by banks to SNB and do not indicate the quantum of alleged black money held by Indians in Switzerland. While the UK topped the chart for foreign clients’ money in Swiss banks at CHF 377 billion, it was followed by the US (CHF 152 billion) in second place – the only two countries with more than 100 billion client funds.
Others in the top 10 were the West Indies, France, Hong Kong, Germany, Singapore, Luxembourg, the Cayman Islands, and the Bahamas. India has ranked 51st 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 above South Africa and Brazil.
Others placed over India include Netherlands, UAE, Japan, Australia, Italy, Saudi Arabia, Israel, Ireland, Turkey, Mexico, Austria, Greece, Egypt, Canada, Qatar, Belgium, Bermuda, Kuwait, South Korea, Portugal, Jordan , Thailand is included. , Seychelles, Argentina, Indonesia, Malaysia and Gibraltar.