Report of SNB
Funds held by Indian individuals and institutions in Swiss banks, including local branches and other financial institutions, have declined by up to 70 percent. Indian investment declined to 1.04 billion Swiss francs (Rs. 9,771 crore) in 2023. This is a four-year low.
This observation has been recorded from the annual data of the central bank of Switzerland, the Swiss National Bank (SNB). The annual report of the bank was announced on Thursday (20th). Indian investments in Swiss banks have been declining for the past two years. In the first years of the third decade of the 21st century, namely 2021, investments in Swiss banks skyrocketed.
This was the highest in the last 14 years. That year the investment was 3.83 billion Swiss francs. After that, investment by Indians started to decline and according to 2023 data, investment has reached a four-year low. Mainly investment in bonds, securities and other financial components is seen to have decreased. Investments were said to have declined due to a decline in money held in other financial options and lower bond prices.
Similarly, the data shows that there has been a significant decrease in the amount and funds in the deposit accounts of customers in other bank branches in India. This is the official information given by the banks to ‘SNB’. It does not mention black money held by Indians in Switzerland. Similarly, money held by Indians, non-resident Indians or others in third countries (countries not recognized by the European Community) has also declined. In 2006, the highest investment was 6.5 billion Swiss francs. After that the figures decreased except for a few years including 2011, 2013, 2017, 2020 and 2021.
Indians’ funds in Swiss banks down 11% to Rs 30k cr on dip in customer deposits https://t.co/Rc6oup094R
— The Indian Express (@IndianExpress) June 22, 2023
Swiss bank discussion
• First bank established in Switzerland in 1713
• Currently more than 400 banks are functioning
• Right to open an account pursuant to the Privacy Clause
• What is commonly called a Swiss bank is a ‘USB’
• ‘USB’ after the merger of Union Bank of Switzerland and Swiss Bank Corporation.
2023 2022
• Swiss Banks’ ‘Total Liability’ or ‘Amount Due’ to Indian Customers 103.98 —-
• Customer Deposits 31 39.4
• 42.7 through other bank 111
• Through trustees 01 2.4
• Through bonds, securities, other options 30.2 189.6
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