Swiss Bank Deposits By Indians: There has been a decrease in deposits of Indians and companies here in Swiss banks. The Switzerland Central Bank has released data according to which funds held by Indians and Indian companies in Swiss banks have come down by 11 per cent to 3.42 billion Swiss francs (Rs 30,000 crore) in 2022.
Indian people and companies here have been depositing money in Swiss banks. Some people also deposit money in Swiss banks through branches of Swiss banks located in India and other financial institutions. This is the official figure which has been released on the basis of the data provided by the banks to the Switzerland Central Bank of the banks. However, it does not include the figure of black money which Indians have deposited in Swiss banks. These figures do not mention the money deposited in Swiss banks by Indians, NRIs or anyone else in the name of entities based in third countries.
According to the Switzerland Central Bank, 3.42 billion Swiss francs are owed to Swiss banks by the end of 2022, which has been termed as total liability. In 2006, Indians had deposited a record 6.5 billion Swiss francs in Swiss banks, after which there has been a continuous decrease in Indian deposits. The jump was seen only in 2011, 2013, 2017, 2020 and 2021.
Swiss authorities have been of the view that the amount deposited by Indians in Swiss banks cannot be called black money. They say that they have been continuously cooperating with India in preventing tax fraud and tax evasion. Since 2018, the treaty on automatic information sharing regarding tax matters has come into force between India and Switzerland. Under this rule, in September 2019, all Indians who have accounts in Swik banks since 2018, their information was shared with the tax authority of India and now it is shared every year. The Swiss authority has been sharing the details of such people who have been involved in financial frauds after the Government of India has provided evidence.
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