Business Standard

Indian Accounts In Swiss Banks

Indians' funds in Swiss banks plunge 70% to hit 4-year low of Rs 9,771 cr

Funds parked by Indian individuals and firms in Swiss banks, including through local branches and other financial institutions, fell sharply by 70 per cent in 2023 to a four-year low of 1.04 billion Swiss Francs (Rs 9,771 crore), annual data from Switzerland's central bank showed on Thursday. The decline in aggregate funds of Indian clients with Swiss banks for the second consecutive year, after hitting a 14-year-high of CHF 3.83 billion in 2021, was largely driven by a sharp plunge in funds held through bonds, securities and various other financial instruments. Besides, the amount in customer deposit accounts and funds held through other bank branches in India also declined significantly, the data showed. These are official figures reported by banks to the Swiss National Bank (SNB) and do not indicate the quantum of the much-debated alleged black money held by Indians in Switzerland. These figures also do not include the money that Indians, NRIs or others might have in Swiss banks

Indians' funds in Swiss banks plunge 70% to hit 4-year low of Rs 9,771 cr
Updated On : 20 Jun 2024 | 11:32 PM IST

India gets 4th set of Swiss a/c details under auto info exchange framework

India has received the fourth set of Swiss bank account details of its nationals and organisations as part of an annual automatic information exchange under which Switzerland has shared particulars of nearly 34 lakh financial accounts with 101 countries. Officials said the new details shared with India pertain to "hundreds of financial accounts", including many cases of multiple accounts associated with some individuals, corporates and trusts. They did not divulge specifics, citing the confidentiality clause of the information exchange and the adverse impact it may have on further investigations, but asserted that the data would be used extensively in probes of suspected tax evasion and other wrong doings including of money laundering and terror funding. In a statement, the Federal Tax Administration (FTA) on Monday said that the exchange of information this year saw five new additions to the list -- Albania, Brunei Darussalam, Nigeria, Peru and Turkey. The count of financial ...

India gets 4th set of Swiss a/c details under auto info exchange framework
Updated On : 10 Oct 2022 | 11:13 PM IST

'Surge' in deposits by Indians in Swiss banks: Zero-hour notice in RS

Congress MP Pramod Tiwari on Wednesday gave zero-hour notice in the Rajya Sabha on the issue of the 'surge in Indian money held in Swiss banks'.

'Surge' in deposits by Indians in Swiss banks: Zero-hour notice in RS
Updated On : 03 Aug 2022 | 11:54 AM IST

India to get 3rd set of Swiss bank details in Sep; realty info included

India will get this month the third set of Swiss bank account details of its nationals under an automatic exchange of information pact with Switzerland

India to get 3rd set of Swiss bank details in Sep; realty info included
Updated On : 13 Sep 2021 | 2:27 AM IST

India among top 3 nations getting Swiss info on bank accounts: Group

India rated as 'largely compliant' on transparency and exchange of information for tax purposes.

India among top 3 nations getting Swiss info on bank accounts: Group
Updated On : 28 Jun 2020 | 12:58 PM IST

Money in Swiss banks: India at 77th place, accounts 0.06% of foreign funds

An analysis of the latest annual banking statistics released by the Swiss National Bank (SNB) showed that India remains ranked very low when it comes to money parked by Indian individuals and enterpri

Money in Swiss banks: India at 77th place, accounts 0.06% of foreign funds
Updated On : 26 Jun 2020 | 12:43 PM IST

Indian money parked in Swiss banks down 6%; third lowest in over 3 decades

According to SNB, its data for 'total liabilities' of Swiss banks towards Indian clients takes into account all types of funds of Indian customers at Swiss banks, including deposits from individuals

Indian money parked in Swiss banks down 6%; third lowest in over 3 decades
Updated On : 26 Jun 2020 | 1:25 AM IST

Govt refuses to share Swiss a/c details of Indians, cites confidentiality

In reply to an RTI query, the ministry also refused to disclose the details of black money received from other foreign countries

Govt refuses to share Swiss a/c details of Indians, cites confidentiality
Updated On : 23 Dec 2019 | 10:04 PM IST

No one came forward to claim a dozen Swiss accounts linked to Indians

The Swiss government began making details of dormant accounts public in 2015 to allow their claimants submit necessary proof to get access to those funds, which included at least 10 accounts

No one came forward to claim a dozen Swiss accounts linked to Indians
Updated On : 11 Nov 2019 | 12:30 AM IST

Swiss data on closed bank accounts can give clue to Indians' hidden wealth

Full details of the entire flow of funds to and from all the accounts that were active even for a single day in the year 2018 will be provided

Swiss data on closed bank accounts can give clue to Indians' hidden wealth
Updated On : 08 Sep 2019 | 11:54 AM IST

Rs 3 bn lying unclaimed in India-linked dormant accounts in Swiss banks

As per the latest data released by the Swiss National Bank (SNB), funds parked by Indians with Swiss banks rose 50 per cent to CHF 1.01 billion (about Rs 70 billion) in 2017

Rs 3 bn lying unclaimed in India-linked dormant accounts in Swiss banks
Updated On : 15 Jul 2018 | 6:56 PM IST