Deposits by Indians in Swiss banks decreased in 2019. A recently released figure shows this. It reached the third lowest level in more than three decades.
new Delhi. The deposits of the people and companies of India in Swiss banks and its Indian branches decreased by 6 percent in 2019 to 89.9 crore Swiss francs (Rs. 6,625 crore). According to the annual data released on Thursday by Switzerland’s central bank SNB. This is the second consecutive year when the deposits of Indians in Swiss banks have decreased. The Swiss National Bank (SNB) began collecting data from 1987, since then it reached the third lowest level in more than three decades.
What does the new figure of 2019 say?
According to SNB, at the end of 2019, Swiss banks owed a total of 89.946 crore Swiss francs to Indians. This included 55 crore Swiss francs (CHF) (more than Rs 4,000 crore) customer deposits, 8.8 crore Swiss francs (Rs 650 crore) deposits through other banks and 25.4 crore Swiss francs (Rs 1,900 crore) other amount securities and other financial products. As are. In addition, 74 lakh Swiss francs (Rs 50 crore) are deposited through the trust. Deposits in all four categories were recorded.
No indication about black money
These are the official figures that banks have given to the SNB. This does not indicate the black money of Indians deposited in Switzerland, which has been discussed. These figures do not include the funds of Indians, NRIs or others who are named after units of third countries in Swiss banks. Also read: Nirmala Sitharaman said- Importing is not wrong but why buy Ganesh idol from China? All types of accounts are included in the liability, according to the SNB, all types of accounts have been taken in the liability of Swiss banks to Indian customers. This includes deposits of individual banks and companies. It also includes figures of branches in Swiss banks located in India.
Earlier, Indian and Swiss authorities had said that the ‘Local Banking Statistics’ of the Bank of International Settlement (BIS) has given a more reliable way of estimating the deposits of Indians. Accordingly, in 2019, it increased by a modest 0.07 percent to $ 9.06 million (about Rs 646 crore).
The Swiss authority has always maintained that Indians’ money deposited in Switzerland cannot be called ‘black money’ and they fully support India in its campaign against tax evasion and fraud.
Switzerland shares information from India.
India and Switzerland have a system of automatic submission of information on tax matters since 2018. Under this arrangement, detailed financial information about all Indian residents whose accounts are in Swiss financial institutions since 2018 has been given to the Indian tax authorities for the first time in September 2019 and it will be complied with every year.
Apart from this, Switzerland also shares details about the accounts of Indians who are accused of being involved in financial mess. For this, prima facie evidence has to be given.
The lowest amount of Swiss banks was in 1995,
according to the data available with SNB since 1987, the lowest amount of Indians in Swiss banks was seen in 1995, which was 72.3 crore Swiss francs. After that it was 67.6 million Swiss francs in 2016. At the same time in 2006 it reached the maximum of 6.5 billion Swiss francs. After that it declined for five consecutive years. After the record level it only increased in 2011 (12 percent), 2013 (43 percent) and then in 2017.
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Deposits of citizens of Pakistan and Bangladesh also decreased
, according to figures last year, deposits of citizens and companies of Pakistan and Bangladesh in Swiss banks have also decreased. At the same time, deposits in Swiss banks of people of America and Britain have increased. The wealth of Pakistanis in Swiss bank fell by about 45 percent to 41 crore Swiss francs (about Rs 3,000 crore). At the same time, Bangladesh’s money was reduced by 2 percent to 60.5 crore Swiss francs (about 4,500 crore rupees).
