Money deposited in Swiss banks at the highest level of 13 years, the government sought details from the officials there

New Delhi: The Finance Ministry on Saturday asserted that deposits of Indian customers in Swiss banks have declined since 2019. The ministry said that it is seeking facts from the Swiss authorities. Along with this, information has also been sought from them about the possible reason for the change in the amount deposited by individuals and units in 2020. The ministry said in a statement on Saturday that the deposits of Indians have been reduced to half. However, the ministry did not provide any data in this regard.

increase in deposit

Quoting data from Switzerland’s central bank, PTI had reported on June 17 that the money deposited in Swiss banks of Indian people and companies has reached a 13-year high of 2.55 billion Swiss francs or Rs 20,700 crore in 2020. These include money deposited through branches and other financial institutions located in India. According to reports, there has been an increase in the deposits of Indians in Swiss banks through securities and other similar means. However, customer deposits have come down during this period.

Finance ministry cleaning

The Finance Ministry said in a statement that this data does not indicate any black money of Indians stashed in Swiss banks. Also the data does not include money deposited by Indians, NRIs or others as third country entities. In fact, deposits of Indian consumers in Swiss banks have declined, the ministry said. ‘The biggest growth has come in the form of bonds, securities or other financial products.’

The decline is coming for two years

The ministry said that there are many other reasons for the increase in deposits of Indians. These include increased business transactions by Indian companies, an increase in deposits due to Swiss bank branches in India, and an increase in inter-bank transactions between Swiss and Indian banks. According to data from the Swiss National Bank (SNB), Indian customers’ deposits in Swiss banks stood at 899 million Swiss francs or Rs 6,625 crore at the end of 2019. But in 2020, it increased and the two-year continuous downward trend reversed.