Sharp Decline in Indian Funds in Swiss Banks in 2023: Hits Four-Year Low

Funds deposited by Indian clients in Swiss banks fell by 70% to 1.04 billion Swiss Francs in 2023. This marks a four-year low, driven largely by decreased investments in bonds, securities, and other financial instruments. These figures do not account for alleged black money held by Indians in Swiss banks.

In a significant financial turn, funds deposited by Indian clients in Swiss banks plummeted by a staggering 70% in 2023, hitting a four-year low of 1.04 billion Swiss Francs (approximately Rs 9,771 crore), according to Switzerland's central bank data released on Thursday.

This substantial decline, observed for the second consecutive year following a peak of CHF 3.83 billion in 2021, is largely attributed to reduced investments in bonds, securities, and a variety of financial instruments.

Despite this dip, Swiss authorities have clarified that these official figures do not encompass the alleged black money held by Indians in Switzerland. They also emphasized continuous cooperation with India to combat tax evasion and financial misconduct.