The increase in aggregate funds of Indian clients with Swiss banks to over Rs 20,700 crores in 2020 is a huge escalation from Rs 6,625 crores in 2019.
There has been a sharp surge in holdings via securities and similar instruments on funds of Indian individuals and firms in Swiss banks, a jump to 2.55 billion Swiss francs which is over Rs 20,700 crores in 2020, annual data from Switzerland's central bank showed on Thursday. However, the data showed a fall in customer deposits.
This amount includes CHF 503.9 million that is over Rs 4,000 crore in customer deposits, CHF 383 million that is over Rs 3,100 crore held via other banks, CHF 2 million which is Rs 16.5 crore through fiduciaries or trusts, and the highest component of CHF 1,664.8 million that is nearly Rs 13,500 crore as 'other amounts due to customers' in form of bonds, securities, and various other financial instruments.
The increase in aggregate funds of Indian clients with Swiss banks to over Rs 20,700 crores in 2020 is a huge escalation from 899 million Swiss francs or Rs 6,625 crore funds at the end of 2019. This reverses a two-year declining trend and has taken the figure to the highest level in 13 years.
It stood at a record high of nearly 6.5 billion Swiss francs in 2006, after which it has been mostly on a downward path, except for a few years including in 2011, 2013, and 2017, as per the Swiss National Bank (SNB) data.
The funds classified as 'customer account deposits' have actually declined from CHF 550 million at the end of 2019 and those through fiduciaries also more than halved from CHF 7.4 million. However, the money held via other banks rose sharply from CHF 88 million in this period.
However, the biggest difference has been a surge in 'other amounts due to customers' from India, which rose over six times from CHF 253 million at 2019-end. All four components had declined during 2019.
These are official figures reported by banks to the Swiss National Bank (SNB) and do not indicate the quantum of the much-debated alleged black money held by Indians in Switzerland.
These figures also do not include the money that Indians, NRIs, or others might have in Swiss banks in the names of third-country entities.
(With Agency Inputs)
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