Indian money in Swiss banks rise 50% to 14-year high of Rs 30.5k Cr

Indian money in Swiss banks: The wealth of Indian companies and people in Switzerland’s banks has increased by 50 percent to a 14-year high of 3.83 billion Swiss francs (over Rs 30,500 crore) during 2021. It also includes money deposited in Swiss Bank Branches and other financial institutions in India.

According to the annual data released by the Central Bank of Switzerland (SNB) on Thursday, Indians’ money in Swiss banks has increased due to increase in stake and customer deposits through related instruments including securities.

Earlier, by the end of the year 2020, Indian money in Swiss banks was 2.55 billion Swiss francs (Rs 20,700 crore). Moreover, deposits in savings or deposit accounts of Indian customers hit a seven-year high of around Rs 4,800 crore in 2021 after two years of decline.

Also read: Indians’ funds in Swiss banks rise to Rs 20,700 crore, highest in 13 years

According to the data, the total liability of Indian customers on Swiss banks by the end of 2021 is 383.19 crore Swiss francs. Of this, 60.20 crore Swiss francs are in the form of customer deposits, while 1225 million Swiss francs are held through other banks and 3 million Swiss francs are through trusts etc.

Indian money in Swiss banks

Let us tell you that when the UPA government led by Manmohan Singh was facing allegations of corruption, Narendra Modi had promised the people that BJP will bring back black money to India.

He used to say in his speech on black money that “once we brought back these thieves-robbers’ money deposited in foreign banks, you will get 15-20 lakh rupees just like that.”

After this he went on to say, “The day the Bharatiya Janata Party gets a chance, every penny will be brought back to India and will be used for the poor of India. These money belong to poor people of India.”

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