By CNBCTV18.com Jun 17, 2022 3:33:24 PM IST (Updated)
This marked the second consecutive year of increase from 2.55 billion Swiss francs (Rs 20,700 crore) at the end of 2020. The data also revealed that deposits by customers to a seven-year high of about ₹ 4,800 crores whereas holdings via securities and similar instruments also witnessed a sharp increase.
Money parked by Indian entities jumped to a 14-year-high of 3.83 billion Swiss francs (over Rs 30,500 crores) in 2021, according to annual data released by Switzerland's central bank.
The Swiss National Bank (SNB) data takes into account all types of funds, including deposits from enterprises, banks and individuals. This includes data for branches of Swiss banks in India, as also non-deposit liabilities. These are figures reported by banks to the SNB and do not include the money that might have been in Swiss banks in the names of third-country entities.
In 2016, India and Switzerland signed a joint declaration for the automatic sharing of financial account information. The use and disclosure of the information received are governed by the confidentiality provisions of the India-Switzerland tax treaty.