Huge decline in the money deposited by Indians in the Swiss Banks

New Delhi – An information has emerged that there is decline in the amount deposited in the Swiss Banks by Indians. The money deposited by Indians, local establishments of Indian organisations and other financial institutions has come down to 70% in the year 2023. This is four-year low, i.e. Rs 9,771 crore. In the year 2021, Indian money in Swiss Banks had reached highest in 14 years which was more than Rs. 3,58,000 crore.

According to the Swiss National Bank report, in 2006 Indian money in the Swiss bank was more than Rs.6 lakh crore which was a record. In the following years i.e. 2011, 2013, 2020 and 2021 the amount had increased.

In the last two decades the Indian money in the Swiss bank is declining steadily. There are several reasons for the same. A sharp plunge in funds held through bonds, securities and various other financial instruments is one of the reasons. The other reason is the price reduction of bonds and investments in form of financial instruments

Swiss banks’ Secrecy Law

We can get the information that the money in the Swiss Bank belongs to the Indians, but we don’t get the information about who owns the money. Under Section 47 of Federal Act of Banks, the clients’ information is kept confidential. This Law protects the information about the individuals who have accounts in these Banks or the establishments which have deposited money, and it is never revealed for any reason.

Editorial Perspective

For many years, Indian people are being told that a large share of Indians’ black money is stashed in Swiss Banks. There have been many assurances that this money would be brought back to the country. Not one rupee has come back, that is the reality.