11% decline in deposits of Indians in Swiss banks

There has been a decrease in the deposits of Indians and companies here in Swiss banks. The Swiss Central Bank released data according to which money held by Indians and Indian companies in Swiss banks fell by 11% to CHF 3.42 billion (Rs 30,000 crore) in 2022.Indians and companies here have 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 released on the basis of the data provided by the banks to the Swiss Central Bank. However, this does not include dirty money stashed by Indians in Swiss banks. These figures do not refer to money deposited in Swiss banks by Indians, NRIs or any other on behalf of entities based in third countries.

According to the Central Bank of Switzerland, Swiss banks are owed 3.42 billion Swiss francs, termed total liabilities, by the end of 2022. Indians deposited a record CHF 6.5 billion in Swiss banks in 2006, after which there was a steady decline in Indian deposits. The surge was seen only in 2011, 2013, 2017, 2020 and 2021.
Swiss authorities believe that the amount deposited by Indians in Swiss banks cannot be called dirty money. They say that they are continuously cooperating with India in preventing fraud and tax evasion. From 2018, the Treaty on Automatic Exchange of Information on Tax Matters between India and Switzerland came into force. As per this rule, in September 2019, information of all Indians who have accounts in Swik banks since 2018 was shared with the tax authority of India and is now shared every year. The Swiss authority is sharing the details of these people involved in the financial fraud after evidence was provided by the Indian government.