Indians Money in Swiss Banks reached Rs 20,700 Cr : Know why some rich people keep their money there

Indians have deposits of around Rs 20,700 crore in Swiss banks. This is the highest money deposited in the last 13 years. Earlier this figure had decreased for two consecutive years.

Indians Money in Swiss Banks reached Rs 20,700 Cr : Know why some rich people keep their money there

The deposits of Indians and Indian companies in Swiss banks increased to 2.55 billion Swiss francs (over Rs 20,700 crore) in 2020. This is the highest in the last 13 years. This information has come out from the annual data released by the Central Bank of Switzerland on Thursday. Although these figures do not show the black money of Indians deposited in Swiss banks, but the question definitely arises in people's mind that why Indians have deposited money in Swiss banks and not in Indian banks.

That's why Indians keep a lot of money in Swiss banks

There are about 400 banks in Switzerland, with UBS and Credit Suisse Group being the most important. All these banks keep the confidentiality of the person opening the bank account under Section 47 of the Secrecy Act. However, if there is a branch of the same bank in another country, then the law of that country will apply and it does not necessarily follow secrecy. It is interesting to know here that the current figures also include money deposited in Swiss banks in India.

These documents are important, this is how money is spent

 

Banks also ask for various documents for their records. These include an authentic copy of the passport, company documents, professional license. You can go and withdraw money from these bank yourself. Privacy is maintained through direct cash withdrawal, as the transaction record is only with the bank. You can also use traveler's cheques if you want. They are easy to use and are accepted everywhere the bank has to pay a commission of one percent according to the amount on these cheques.

Before this there was a decline for two consecutive years

This time Indian money in Swiss banks has increased, but before that there was a decline in the deposits of Indians in Swiss banks for two consecutive years. According to the data, the number of deposits of Indians and Indian companies in Swiss banks stood at 899 million francs (Rs 6,625 crore) at the end of 2019. Earlier in 2006, Indian deposits in Swiss banks were at a record high of around 6.5 billion Swiss Francs (CHF), according to data from the Swiss National Bank (SNB). Since then, except for the years 2011, 2013 and 2017, most of the time a decline has been seen.

What is included in the total deposit of 20,706 crores

According to SNB, the total deposits of Indians and Indian companies in Swiss banks by the end of the year 2020 amounted to Rs 20,706 crore with customer deposits of more than Rs 4,000 crore, more than Rs 3100 crore through other banks, Rs 16.5 crore through trust and About Rs 13500 crore is included in the form of bonds, securities and other amounts coming in the form of various other financial options.

These figures are not indicative of the amount of black money.

These official figures are reported by banks to the Swiss National Bank. These figures do not reflect the amount of black money held by Indians in Switzerland. These figures also do not include money held by Indians, NRIs or others in Swiss banks in the name of third country entities. According to the SNB, all funds from Indian customers of Swiss banks, including deposits by individuals, banks and enterprises, have been taken into account in the calculation of deposits of Indians in Swiss banks.