Second year in a row, Indian funds in Swiss banks rise; at 14-yr high in 2021 | Business News,The Indian Express
India and Switzerland had, for automatic sharing of financial account information, signed a Joint Declaration on November 22, 2016 for activation of AEOI in tax matters between the two nations.
Money parked by Indians in Swiss Banks jumped to a 14-year-high of CHF 3.83 billion in 2021 on the back of rise in holdings and customer deposits, latest data from Zurich-based Swiss National Bank (SNB) released on Thursday showed.
The money parked by Indians had shown a decline in 2018 and 2019 but has again picked up. Marking the second consecutive year of rise, aggregate funds by Indians increased from 2.55 billion Swiss francs in 2020. ‘Total liabilities’ of Swiss banks or ‘amounts due to’ their Indian clients at the end of 2021 of CHF 3,831.91 million included CHF 602.03 million in customer deposits (up from CHF 504 million at 2020-end), CHF 1,225 million held via other banks (up from CHF 383 million), and CHF 3 million through fiduciaries or trusts (up from CHF 2 million).
The highest component of CHF 2,002 million (up from CHF 1,665 million) was ‘other amounts due to customers’ in the 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 mostly declined, except for a few years including in 2011, 2013, 2017, 2020 and now in 2021, as per the Swiss National Bank (SNB) data.
India and Switzerland had, for automatic sharing of financial account information, signed a Joint Declaration on November 22, 2016 for activation of AEOI in tax matters between the two nations. The use and disclosure of the information received is governed by the confidentiality provisions of the India-Switzerland tax treaty.
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