Deposits of Indians in Swiss banks have increased by 50 per cent, reaching a 14 – year high. Indians hold about 30,500 crore Swiss francs in banks. This includes personal investments, bank deposits and venture capital investments.
The banks explain that this is a sum of money legally deposited in the bank and not a controversial black money deposit. Earlier, Swiss officials had said that they were with the Indian government in its fight against money laundering and tax evasion. The exchange of tax information between the two countries has been in place since 2018.
The UK is the largest investor with 379 billion Swiss francs. The US is second (168 billion). Both are countries with over 100 billion investment funds. Other countries in the top ten are the West Indies, Germany, France, Singapore, Hong Kong, Luxembourg, the Bahamas, the Netherlands, the Cayman Islands and Cyprus. India is ranked 44th in the list. India is followed by Poland, South Korea, Sweden and Bahrain.
