Indians' funds in Swiss banks rise to over Rs 20k cr on surge in securities, institutional holdings
Customer deposits down for 2nd year
New Delhi/Zurich, Jun 17: Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to 2.55 billion Swiss francs (over Rs 20,700 crore) in 2020 on a sharp surge in holdings via securities and similar instruments, though customer deposits fell, annual data from Switzerland's central bank showed on Thursday.
The increase in aggregate funds of Indian clients with Swiss banks, from 899 million Swiss francs (Rs 6,625 crore) at the end of 2019, reverses a two-year declining trend and has taken the figure to the highest level in 13 years.
It stood at a record high of nearly 6.5 billion Swiss francs in 2006, after which it has been mostly on a downward path, except for a few years including in 2011, 2013 and 2017, as per the Swiss National Bank (SNB) data.
The total amount of CHF 2,554.7 million (Rs 20,706 crore), described by the SNB as 'total liabilities' of Swiss banks or 'amounts due to' their Indian clients at the end of 2020, included CHF 503.9 million (over Rs 4,000 crore) in customer deposits, CHF 383 million (over Rs 3,100 crore) held via other banks, CHF 2 million (Rs 16.5 crore) through fiduciaries or trusts and the highest component of CHF 1,664.8 million (nearly Rs 13,500 crore) as 'other amounts due to customers' in form of bonds, securities and various other financial instruments.
While the funds classified as 'customer account deposits' have actually declined from CHF 550 million at the end of 2019 and those through fiduciaries also more than halved from CHF 7.4 million, the money held via other banks rose sharply from CHF 88 million in this period.
However, the biggest difference has been a surge in 'other amounts due to customers' from India, which rose over six times from CHF 253 million at 2019-end.
All four components had declined during 2019.
These are official figures reported by banks to the SNB and do not indicate the quantum of the much-debated alleged black money held by Indians in Switzerland.
These figures also do not include the money that Indians, NRIs or others might have in Swiss banks in names of third-country entities.
According to the SNB, its data for 'total liabilities' of Swiss banks towards Indian clients takes into account all types of funds of Indian customers at Swiss banks, including deposits from individuals, banks and enterprises. This includes data for branches of Swiss banks in India, as also non-deposit liabilities.
On the other hand, the 'locational banking statistics' of the Bank for International Settlement (BIS), which have been described in the past by Indian and Swiss authorities as a more reliable measure for deposits by Indian individuals in Swiss banks, show an increase of nearly 39 per cent during 2020 in such funds to USD 125.9 million (Rs 932 crore).
This figure takes into account deposits as well as loans of Indian non-bank clients of Swiss-domiciled banks and had shown an increase of 7 per cent in 2019, after declining by 11 per cent in 2018 and by 44 per cent in 2017.
It peaked at over USD 2.3 billion (over Rs 9,000 crore) at the end of 2007.
Swiss authorities have always maintained that assets held by Indian residents in Switzerland cannot be considered as 'black money' and they actively support India in its fight against tax fraud and evasion.
An automatic exchange of information in tax matters between Switzerland and India has been in force since 2018. Under this framework, detailed financial information on all Indian residents having accounts with Swiss financial institutions since 2018 was provided for the first time to Indian tax authorities in September 2019 and this is to be followed every year.
In addition to this, Switzerland has been actively sharing details about accounts of Indians suspected to have indulged in financial wrongdoings after submission of prima facie evidence. Such exchange of information has taken place in hundreds of cases so far.
Overall, customer deposits in all Swiss banks rose in 2020 to nearly CHF 2 trillion, which included over CHF 600 billion of foreign customer deposits.
While the UK topped the charts for foreign clients' money in Swiss banks at CHF 377 billion, it was followed by the US (CHF 152 billion) at the second spot -- the only two countries with 100-billion-plus client funds.
Others in the top 10 were West Indies, France, Hong Kong, Germany, Singapore, Luxembourg, Cayman Islands and Bahamas.
India was placed at 51st place, ahead of countries like New Zealand, Norway, Sweden, Denmark, Hungary, Mauritius, Pakistan, Bangladesh and Sri Lanka.
Among BRICS nations, India stood below China and Russia, but above South Africa and Brazil.
Others placed above India included Netherlands, UAE, Japan, Australia, Italy, Saudi Arabia, Israel, Ireland, Turkey, Mexico, Austria, Greece, Egypt, Canada, Qatar, Belgium, Bermuda, Kuwait, South Korea, Portugal, Jordan, Thailand, Seychelles, Argentina, Indonesia, Malaysia and Gibraltar.
The countries for which Swiss banks reported a decline in amounts due to clients included the US and UK, while the money parked by individuals and enterprises from Bangladesh also declined during 2020.
However, the amount almost doubled in the case of Pakistan to over CHF 642 million.
Just like India, the issue of alleged black money in Swiss banks has been a political hot potato in the two neighbouring countries as well.
As per the SNB, there were 243 banks in Switzerland at the end of 2020.
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Delhi polluted owing to Aravalli, says anchor Rajat Sharma; netizens troll him
Noida: India TV editor-in-chief Rajat Sharma has drawn sharp criticism on social media following remarks he made on air attributing Delhi’s air pollution partly to its geographical location and the Aravalli hill range.
Speaking during a recent episode of his prime-time show Aaj Ki Baat, Sharma said Delhi’s geography plays a major role in trapping polluted air.
“Geographical location is the main reason. Delhi is a big city and its shape is like a bowl, surrounded by the Aravalli hills on three sides. As a result, polluted air gets trapped and cannot disperse easily. Therefore, the problem of pollution in Delhi cannot be solved in one year or in any particular season,” he said.
His comments came amid a severe deterioration in air quality in the national capital. On Sunday morning, December 21, Delhi woke up to a thick blanket of toxic smog, sharply reducing visibility and causing widespread discomfort. The overall Air Quality Index (AQI) stood at 390 around 7 a.m., placing it in the ‘very poor’ category, according to data from the Central Pollution Control Board (CPCB).
Dense fog and smog also disrupted flight operations at Delhi’s Indira Gandhi International Airport (IGIA). As many as 110 flights were cancelled, while over 370 flights were delayed due to poor visibility. Of the cancelled services, 59 were arriving flights and 51 were departures. Flight-tracking website Flightradar24 showed that departing flights faced an average delay of around 26 minutes.
Netizens troll Sharma
One user wrote on X, “Rajat Sharma is saying due to the Aravalli hills, there is air pollution in Delhi. He is defending mining and destroying the Aravalli hills like this. How can these people call themselves journalists?”
Another user accused him of political hypocrisy, comparing his earlier criticism of the Delhi government with his current remarks, and wrote, “In 2023 he blamed Arvind Kejriwal for Delhi air pollution. In 2025, he is blaming the Aravalli hills because BJP is in power. Hypocrisy = 100%, Journalism = 00%.”
Others termed the comments an example of the “godi media” narrative, alleging that geography was being blamed instead of governance, industrial emissions, vehicular pollution, construction dust, and stubble burning. “When they fail to question power or policy, they conveniently shift the blame to nature,” another post read.
“Friends, what can one even say about today’s godi media? According to them, the reason for Delhi’s pollution is that the Aravalli hills surround the city from three sides, trapping polluted air inside. Seriously? So now Sudhir Chaudhary and Rajat Sharma want us to believe that nature itself is to blame? When they fail to question power or policy, they conveniently shift the blame to geography. Apparently, it’s not years of environmental destruction or administrative failure—it’s the Aravalli hills! Does this explanation make any sense at all?,” wrote another.
What is the Aravali issue?
The controversy arises over the Union government’s revised definition of what constitutes the Aravalli hills.
The decision has drawn protests involving environmental activists across Haryana, Rajasthan, and parts of the Delhi-NCR region, who have raised concerns that the new definition could weaken protection for one of the world’s oldest mountain ranges.
Under the revised definition, an “Aravalli hill” is described as any landform in designated Aravalli districts with an elevation of 100 metres or more above local relief, while an “Aravalli range” is defined as a cluster of two or more such hills within 500 metres of each other. Activists fear this could open the door for mining, construction, and commercial activities in previously protected areas.
Environmentalists argue that the Aravalli range serves as a natural barrier against desertification, dust storms, and pollution, and plays a vital role in maintaining ecological balance in the Delhi-NCR region.
They have demanded that the entire Aravalli range be declared a fully protected area with strict conservation measures.
Meanwhile, Union Environment Minister Bhupender Yadav has stated that the new definition, accepted by the Supreme Court based on a Centre-led panel’s recommendations, would not result in any relaxation of mining norms in the Aravalli region.
Rajat Sharma is saying due to Aravalli hills there is Air pollution in Delhi. He is defending mining & destroying Aravalli hills like this
— Veena Jain (@Vtxt21) December 21, 2025
How can these people call themselves Journalists even after doing such things 🤮
pic.twitter.com/osgDAYl6Nb
🚨 2023 : Rajat Sharma was blaming Arvind Kejriwal for delhi air pollution
— Amock_ (@Amockx2022) December 21, 2025
🚨 2025 : He is blaming Aravalli Hills for delhi air pollution because BJP is in govt
Hypocrisy = 100%, Journalism = 00% 🤣 pic.twitter.com/EHCrAmAfGY
Friends, what can one even say about today’s godi media? According to them, the reason for Delhi’s pollution is that the Aravalli hills surround the city from three sides, trapping polluted air inside. Seriously? So now Sudhir Chaudhary and Rajat Sharma want us to believe that…
— The indian guy (@Ab60307) December 20, 2025
