According to the Swiss Central Bank report, the amount held by Swiss banks in 2021, including Indian individuals and India-based branches and other financial institutions, has risen to more than Rs 30,500 crore (3.83 billion Swiss francs) in 14 years.
Indian funds in Swiss banks rise 50 pc to 14-yr high of Rs 30.5k cr on surge in institutional holdings: Switzerland central bank data
— Press Trust of India (@PTI_News) June 16, 2022
Total funds of Indian customers in Swiss banks stood at Rs 20,700 crore at the end of 2020, increasing by 50% to Rs 30,500 crore by 2021. This marks the second consecutive year of increase.
In addition, holdings in Indian customers’ savings and deposit accounts rose to a seven-year high of about Rs 4,800 crore.
Money kept in Swiss banks and black money kept outside India have always been linked. That is no exception for political parties. But after the BJP came to power, we were able to see the link changed.
According to the Swiss National Bank, Indians’ money in Swiss banks increased by 50% in 2017. But, “Most of the people who have accounts in Swiss banks are expatriate Indians. Not all the money that Indians have in Swiss banks is black money. If black money is stashed by Indians it would be found”, said Former Finance Minister Arun Jaitley.
Amid reports of a 50% increase in Indian funds in Swiss banks, Prime Minister Narendra Modi’s statement during the April 2014 general election, “I vow to somehow bring back the black money stashed abroad,” has gone viral on social media.