Top News

Indian Money in Swiss Bank: The deposits of Indians in Switzerland will more than triple to 3.54 billion Swiss francs i.e. about 37600 crore Indian rupees in 2024. This was revealed by the Swiss National Bank (SNB) on Wednesday (June 19). Most of this increase in funds has come from bank channels and other financial institutions not from personal bank accounts. There was a marginal increase in deposits in the accounts of Indian customers. The deposits in these accounts increased by 11 percent to 346 million Swiss francs (Rs 3675 crores). This amount is just one-tenth of the total Indian amount deposited in Swiss banks. How much of Indias total funds are in Swiss banks? SNB has said that India has a total of 3534.54 million Swiss francs deposited in Swiss banks. Of this 3.02 billion Swiss francs are in banks 346 million Swiss francs in personal accounts 41 million Swiss francs in trusts and 135 million Swiss francs in bonds and securities. 2023 saw 70% decline in deposits In contrast to 2024 these funds fell by 70 per cent in 2023 reaching a four-year low of 1.04 billion francs. However this is still less than the all-time high of 6.5 billion francs in 2006. The SNB data is based on official reports from banks and does not give details about alleged black money or accounts held through entities in other countries. Swiss authorities have repeatedly said that these funds cannot be termed as black money. Switzerland has been sharing details since 2019 Switzerland has been sharing annual financial details of Indian citizens under an information sharing agreement since 2018. Indian authorities received the first data in September 2019. Since then information is being shared regularly including sharing information about suspicious accounts linked to financial irregularities. How much money does Pakistan have deposited in Swiss banks? India has risen from 67th position last year to 48th position in terms of money deposited in Swiss banks. However it is still below 46th position at the end of 2022. If we talk about Pakistan its deposits have declined and now it has only 272 million Swiss francs deposited in SNB while Bangladeshs deposits have increased to 589 million Swiss francs. Britain has the highest amount of funds deposited in SNB If we talk about the highest amount of funds then Britain is on top. The United Kingdom has a total of 222 billion Swiss francs deposited in SNB. US is at the second place which has 89 billion francs and then 68 billion dollars of West Indies in this bank. Funds of Germany France Hong Kong Luxembourg Singapore and UAE are also deposited in Swiss banks.