Indians' funds in Swiss banks jump to 14-year high of over Rs 30,500 crore https://www.firstpost.com/business/indians-funds-in-swiss-banks-jump-to-14-year-high-of-over-rs-30500-crore-10803041.html Press Trust of India June 16, 2022
The money held in Indian customers' savings or deposit accounts rose to a seven-year high of about Rs 4,800 crore, reversing a two-year declining trend..
After the annual data release last year, the Indian government had sought details from Swiss authorities on the relevant facts along with their view on possible reasons for changes in the funds parked by individuals and entities in 2020. In its statement, the finance ministry had said the figures "do not indicate the quantum of much-debated alleged black money held by Indians in Switzerland. Further, these statistics do not include the money that Indians, NRIs or others might have in Swiss banks in the names of third-country entities." It had also listed out the reasons that could have led to the increase in deposits, including rising business transactions by Indian companies, rise in deposits owing to the business of Swiss bank branches located in India and increase in inter-bank transactions between Swiss and Indian banks.
22:46:43 IST