The latest data from Zurich-based Swiss National Bank (SNB) released for the year 2019 shows that the Money parked by Indians in Swiss Banks fell for the second straight year — this time by CHF 55 million, or 5.8 per cent, to CHF 899 million (Rs 7,100 crore) — in 2019.
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Even as some nations witnessed a jump in 2019, there has been an overall decline in money parked by residents across countries in Swiss banks since the year of the global financial crisis.
While overall foreign deposits have fallen 41 per cent since 2007, that for India has declined by 79 per cent since 2007. For India, the total liabilities of Swiss banks stood highest in 2006 at CHF 6.46 billion.
It has come down in line with the Centre’s steps over the last few years to curb black money in the economy and following the setting up of new framework in 2016 that allowed exchange of information between Switzerland and India to help check the black money menace.
The SNB data comes after the first set of details of bank accounts held by Indian nationals were shared under the new framework for Automatic Exchange of Information (AEOI) between Switzerland and India to help check the black money menace last September.
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