According to yearly figures released by Switzerland’s central bank on Thursday, money parked by Indian people and businesses in Swiss banks, including through branches and other financial institutions located in India, decreased by 11% in 2022 to 3.42 billion Swiss francs (almost Rs 30,000 crore).
Following two years of growth, the total amount of cash held by Indian clients with Swiss banks has decreased from a 14-year high of CHF 3.83 billion in 2021. The decline was primarily caused by a dramatic decline in customer deposit accounts of over 34% from a seven-year high.
These are official data that banks have submitted to the SNB; they do not reflect the amount of the hotly contested suspected black money that Indians are said to have in Switzerland.
Additionally, the money that Indians, NRIs, and other people might have in Swiss banks under the names of foreign businesses is not included in these estimates.
The Swiss National Bank (SNB) referred to the sum of CHF 3,424 million as the “total liabilities” of Swiss banks or “amounts due to” their Indian clients at the end of 2022. This amount included CHF 394 million in customer deposits (down from CHF 602 million at the end of 2021), CHF 1,110 million held through other banks (down from 1,225 million) and CHF 24 million (up from CHF 3 million) through fiduciaries or trusts.
