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These are official data that banks have submitted to the Swiss National Bank; they do not reflect the amount of the much-debated alleged black money that Indians are said to have in Switzerland

Indians' funds in Swiss banks down 11% to ₹30k cr on dip in customer deposits

These are official data that banks have submitted to the Swiss National Bank; they do not reflect the amount of the much-debated alleged black money that Indians are said to have in Switzerland

Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, declined by 11 per cent in 2022 to 3.42 billion Swiss francs (nearly Rs 30,000 crore), annual data from Switzerland's central bank showed.
The decline in aggregate funds of Indian clients with Swiss banks, from a 14-year-high of CHF 3.83 billion in 2021, follows two consecutive years of increase and was largely driven by a sharp plunge of nearly 34 per cent in customer deposit accounts from a seven-year high.
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 in the names of third-country entities.
The total amount of CHF 3,424 million, described by the SNB as 'total liabilities' of Swiss banks or 'amounts due to' their Indian clients at the end of 2022, included CHF 394 million in customer deposits (down from CHF 602 million at 2021-end), CHF 1,110 million held via other banks (down from 1,225 million), CHF 24 million (up from CHF 3 million) through fiduciaries or trusts, and the highest component of CHF 1,896 million (down from 2,002 million) as 'other amounts due to customers in form of bonds, securities and various other financial instruments.
The total amount stood at a record high of nearly 6.5 billion Swiss francs in 2006, after which it has been mostly on a downward path, except for a few years including in 2011, 2013, 2017, 2020 and 2021, as per the Swiss National Bank (SNB) data.
While all four components had declined during 2019, the year 2020 saw a significant plunge in customer deposits, while there was a surge across all categories in 2021. During 2022, only the fiduciaries segment saw an increase.
Swiss authorities have always maintained that assets held by Indian residents in Switzerland cannot be considered as 'black money' and they actively support India in its fight against tax fraud and evasion.
An automatic exchange of information in tax matters between Switzerland and India has been in force since 2018. Under this framework, detailed financial information on all Indian residents having accounts with Swiss financial institutions since 2018 was provided for the first time to Indian tax authorities in September 2019 and this is to be followed every year.
In addition to this, Switzerland has been actively sharing details about accounts of Indians suspected to have indulged in financial wrongdoings after the submission of prima facie evidence. Such exchange of information has taken place in hundreds of cases so far.

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