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Indians’ money in Swiss banks decreased, amount reached four year low…

Pratik Mehta

By Pratik Mehta

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During the elections in India, there was a discussion about Swiss banks in Switzerland. It is said that the black money of Indian people is in large amounts in Swiss banks. Due to the absence of the name of the person depositing money in Swiss banks, the black money of businessmen and politicians is deposited in that bank. But now information has come to the fore that there has been a big reduction in the money kept by Indians in Swiss banks. This figure has come down to the lowest level in the last four years. The money deposited by Indian people and companies in Swiss banks through local branches and other financial institutions will decline by 70 percent in 2023. This figure came down to a four-year low of 1.04 billion Swiss francs (Rs 9,771 crore). Indian money in Swiss banks reached a 14-year high in 2021, at that time 3.83 billion Swiss francs belonged to Indians.

Second consecutive year of decline

According to a report by the Swiss National Bank, in 2006, the deposits of Indians in Swiss banks were a record 6.5 billion Swiss francs. After this, the amount was increased in the years 2011, 2013, 2017, 2020 and 2021. But now for the second consecutive year, the amount in Swiss banks has declined. The decline in the wealth of Indian customers in Swiss banks is mainly due to the decline in the money kept in bonds and various other financial instruments.

For the last two decades, the money of Indians in Swiss banks has been continuously decreasing. There are many reasons behind this. The reason for this decline is said to be the fall in investment in the form of financial instruments as well as the fall in bond prices.

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Bank Secrecy Act

Switzerland Bank has always been in the news. Because of section 47 of the Privacy Act. Due to this, information about opening an account in this bank is not given. There is information that Indians have money in Swiss banks. But who is the owner of this money? This information has not been given. The bank never discloses the information of the people or company who have deposited money in the bank for any reason.

Pratik Mehta

Pratik Mehta

I am Pratik Mehta, a passionate business news writer dedicated to covering economic trends, market analysis, and corporate developments.

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