Mumbai, India (CU)_ According to the most recent data from the Switzerland Central Bank, Indian deposits in Swiss banks reached a 14-year high to 3.83 billion Swiss francs, or INR 30,626 crore with 50% growth in 2021. Until 2020, Indians have deposited 2.5 billion Swiss francs in Swiss banks.
In 2007, the amount was 2.92 billion Swiss francs. The money deposited in Swiss banks is generally considered as black money stashed outside of India. Following a number of anti-black money initiatives, such as an amnesty program for declaring undeclared overseas assets in 2015, the administration of Narendra Modi claimed to have subdued the scourge of black money stashed abroad.
Indian cash deposited in Swiss banks decreased from 1.2 billion Swiss francs in 2015 to 665 million Swiss francs in 2016, supporting the government’s assertions. In 2019, there were 892 million Swiss francs worth of Indian money in Swiss banks. However, the tendency has reversed since then.
The amount of money in Swiss banks almost tripled to 2.5 billion Swiss francs in 2020. In 2021, the government issued a clarification stating that consumer deposits had decreased since the end of 2019. The government may not have the same justification this year, as data indicates that consumer deposits have increased from 503 million Swiss francs in 2020 to 602 million Swiss francs in 2021. Other debts owed to consumers increased from 1.6 billion to 2 billion Swiss francs.
