Annual data from Switzerland’s central bank showed that funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to a 14-year high of 3.83 billion Swiss francs (over Rs 30,500 crore) in 2021, thanks to a sharp increase in holdings via securities and similar instruments, while customer deposits also increased.
The increase in aggregate funds held by Indian clients with Swiss banks, from 2.55 billion Swiss francs (Rs 20,700 crore) at the end of 2020 to 2.55 billion Swiss francs (Rs 20,700 crore) at the end of 2021, is the second consecutive year of growth.
Furthermore, the amount of money in Indian clients’ savings and deposit accounts increased to a seven-year high of around Rs 4,800 crore, reversing a two-year downward trend.
The total amount of CHF 3,831.91 million at the end of 2021, described by the SNB as “total liabilities” of Swiss banks or “amounts due to” their Indian clients, included CHF 602.03 million in customer deposits (up from CHF 504 million at the end of 2020), CHF 1,225 million held by other banks (up from CHF 383 million), and CHF 3 million held by fiduciaries or trusts (up from CHF 2 million).
‘Other amounts payable to clients’ in the form of bonds, securities, and various other financial instruments had the greatest component of CHF 2,002 million (up from CHF 1,665 million).
According to Swiss National Bank (SNB) data, the total sum reached a record high of about 6.5 billion Swiss francs in 2006, after which it has mainly been on a decreasing slope, save for a few years in 2011, 2013, 2017, 2020, and now in 2021.
While all four components fell in 2019, the year 2020 witnessed a large drop in consumer deposits, while the year 2021 experienced an increase in all categories.
These are official data provided to the SNB by banks and do not reflect the amount of alleged black money held by Indians in Switzerland. These figures also do not take into account any funds held in Swiss banks by Indians, NRIs, or others.
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