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Swiss Bank News : The money held by Indians and companies in Swiss banks is going to fall by 70 percent in 2023. Currently, the money of Indians in Swiss banks is the lowest in four years i.e. 1.04 billion Swiss francs i.e. about Rs 9771 crore. In 2021, Indian money of 3.83 billion Swiss francs, the highest in 14 years, was found lying in Swiss banks. The money deposited by Indian customers in Swiss banks has declined for the second consecutive year.
According to details given in the annual data released by the Swiss National Bank of Switzerland on Thursday, this amount does not include the money deposited by Indians, NRIs using third country companies. At the end of 2023, the total amount owed by Swiss banks to Indian customers was 1039.8 million francs. Of which 310 million were under customer deposits, which was $ 394 million at the end of the previous year 2022. The amount deposited by other banks was $ 427 million against 1110 million francs last year. The amount deposited by the trust was 10 million, which was 24 million francs last year. Other amounts in the form of bonds and securities were 302 million francs against 1896 million francs last year.
After a record-breaking 6.5 billion Swiss francs or about Rs 9,000 crore was spent in the name of Indians in 2006, it has continued to decline except for a few exceptions. According to the bank's data, this amount increased only in the years 2011, 2013, 2017, 2020 and 2021. The data also includes non-deposit liabilities in the branches of Swiss banks operating in India. Automatic exchange of tax information has been taking place between Switzerland and India since 2018. According to this framework, the financial details of all Indian residents holding accounts in Swiss financial institutions were provided to the Indian tax authorities in 2019. After this, this information is given every year. Apart from this, financial details of Indians suspected of embezzlement are also given after obtaining prima facie evidence. Such information has been exchanged in thousands of cases.
Britain tops the list of top ten countries with the most money deposited in Swiss banks
The top three countries depositing money in Swiss banks are Britain, America and France.
They have 254 billion francs, 71 billion francs and 64 billion francs respectively in Swiss banks.
Apart from these three countries, the top ten countries include West Indies, Germany, Hong Kong, Singapore, Luxembourg and Germany. India's rank is 67th which was 46th in 2022. Like India, Pakistan and Bangladesh have also seen a big decline in Swiss bank funds.