Indians parked Rs 20,700 crore in Swiss banks in 2020; that is highest in 13 years
The 2020 surge reversed a two-year declining trend of aggregate funds deposited by Indian clients in Swiss banks.
The annual data from Switzerland's central bank has thrown up sensational data about a sharp increase in the funds parked by Indian individuals and firms in Swiss banks.
According to the data, Indian individuals and firms parked 2.55 billion Swiss francs (over Rs 20,700 crore) in Swiss banks in 2020. This is the highest-ever aggregate in 13 years.
The Rs 20,700 crore figure included Rs 13,500 crore as 'other amounts due to customers' by Swiss banks in the form of bonds, securities and various other financial instruments.
It also included over Rs 4,000 crore in customer deposits, over Rs 3,100 crore held via other banks and Rs 16.5 crore through fiduciaries or trusts.
The surge has reversed a two-year declining trend of aggregate funds deposited by Indian clients in Swiss banks.
Obviously, this does not account for the alleged black money held by some Indians in Swiss banks through third-country entities.
The Bank for International Settlement's Locational banking statistics showed an increase of nearly 39 per cent during 2020 in such funds to USD 125.9 million (Rs 932 crore)
Indian and Swiss authorities see 'Locational banking statistics' as a more reliable measure for deposits by Indian individuals in Swiss banks.
Overall, customer deposits in all Swiss banks rose in 2020 to nearly CHF 2 trillion. This includes foreign customer deposits of over CHF 600 billion. UK tops the charts for foreign clients' money in Swiss banks at CHF 377 billion, followed by the US (CHF 152 billion). Others in the top 10 were West Indies, France, Hong Kong, Germany, Singapore, Luxembourg, Cayman Islands and Bahamas.