Indian Money in Swiss Banks decreases by 70%, Check how much money is still in Swiss Banks

 According to annual data from Switzerland’s central bank, funds parked by Indian individuals and firms in Swiss banks decreased by 70% in 2023, reaching a four-year low of 1.04 billion Swiss Francs (Rs 9,771 crore). This decline marked the second consecutive year of decreasing aggregate funds of Indian clients with Swiss banks after reaching a 14-year high of CHF 3.83 billion in 2021. The decline was primarily driven by a sharp decrease in funds held through bonds, securities, and various other financial instruments. The data also showed a significant decline in the amount held in customer deposit accounts and funds held through other bank branches in India.

It’s important to note that these figures reported by banks to the Swiss National Bank (SNB) do not indicate the amount of alleged black money held by Indians in Switzerland. Additionally, these figures do not include funds held by Indians, NRIs, or others in Swiss banks under the names of third-country entities.

Breakdown of Funds and Total Liabilities

At the end of 2023, the total liabilities of Swiss banks towards their Indian clients amounted to CHF 1,039.8 million. This figure included CHF 310 million in customer deposits (down from CHF 394 million at the end of 2022), CHF 427 million held via other banks (down from CHF 1,110 million), CHF 10 million through fiduciaries or trusts (down from CHF 24 million), and CHF 302 million as other amounts due to customers in the form of bonds, securities, a

It’s worth mentioning that the total amount reached a record high of nearly 6.5 billion Swiss francs in 2006 and has mostly been on a downward path since then, with a few exceptions in 2011, 2013, 2017, 2020, and 2021.

Data from the Bank for International Settlement (BIS)

The Bank for International Settlement (BIS) provides data on deposits by Indian individuals in Swiss banks through its “locational banking statistics.” According to this data, there was a decline of nearly 25% in such funds during 2023, amounting to USD 70.6 million (Rs 663 crore). The funds had previously dropped by 18% in 2022 and over 8% in 2021, following a nearly 39% increase in 2020.

The BIS data takes into account deposits and loans of Indian non-bank clients of Swiss-domiciled banks. It showed an increase of 7% in 2019, following declines of 11% in 2018 and 44% in 2017. The peak amount recorded was over USD 2.3 billion (over ₹ 9,000 crore) at the end of 2007.