Indians’ money in Swiss banks was three times: ₹ 37,600 crore in 2024, these money from banks and financial institutions; Switzerland said- this is not black money

Individual Indians deposited and loans increased by 6% to $ 74.8 million (about Rs 650 crore) in 2024.

The money deposited by Indians in Swiss banks increased by more than three times in 2024 to 3.5 billion Swiss Frank (about Rs 37,600 crore). According to new data from Swiss National Bank (SNB), Central Bank of Switzerland, this is the highest since 2021. SNB released this figure yesterday i.e. May 19.

The report states that most of this increase has come through banks and financial institutions and not from personal accounts. The amount deposited in the accounts of individual customers increased by only 11%, which is 346 million Swiss Frank (about Rs 3,675 crore). It is tenth of the total amount.

Switzerland said that it is not right to consider this money as ‘black money’

In 2023, the money of Indians fell 70% to a four -year low of 1.04 billion Swiss Frank (about ₹ 11 thousand crore). Swiss officials say that it is not right to consider this money as ‘black money’.

Officials said that they are collaborating with India in stopping tax evasion. There is an agreement between India and Switzerland since 2018, under which information about Indian accounts is shared every year.

Deposes and loans of individual Indians increased by 6% in 2024

According to data from Bank for International Settlements (BIS), the deposits and loans of individual Indians increased by 6% to $ 74.8 million (about 650 crore rupees) in 2024. India rose to 48th in the global rankings, which was 67th in 2023.

What is a Swiss bank?

They are the banks in Switzerland, who are known for their strict privacy and security. In these banks, people also spend their money because their accounts are not given to anyone and not even the country and government of the account holder.

These banks keep their customer detail secret and the account is identified with only one number (code), which is called ‘Nambard Account’. Because of this, these banks, rich people, businessmen, and sometimes wrongdoing people from all over the world also choose to keep their money.

Swiss bank started in 17th century

Swiss bank started in the 17th century, and in 1713 strict privacy laws were enacted in Switzerland. In 1998, the UBS was formed by Union Bank of Switzerland and Swiss Bank Corporation, which people today know as ‘Swiss Bank’. These banks are also known for depositing money as well as investment and financial services.