Funds parked by Indians in Swiss banks increased for the second straight year in 2021, reaching the highest in 14 years.
The cumulative value of customer deposits, securities, and other financial instruments was more than 30,500 crore rupees ($3.95 billion), according to data from the Swiss National Bank (SNB). The figure stood at over Rs20,500 crore in 2020. Savings or deposit accounts of Indian customers showed a rise to a seven-year high of about Rs4,800 crore, reversing a two-year declining trend.
In recent years, tax fraud and black money have been key talking points among Indians.
At the end of 2013, Indians had nearly Rs14,000 crore, parked in Swiss banks. In 2014, prime minister Narendra Modi began his first term in government.
In 2016, following much debate on the matter, prime minister Narendra Modi’s government entered into an agreement with Swiss authorities on disclosing accounts held by Indian nationals in Swiss financial institutions. The first set of details from Switzerland was received in September 2019.
Former finance minister, the late Arun Jaitley, had downplayed the annual report from 2017 about an increase in funds deposited in Swiss banks, citing “misinformed reaction in certain circles.”