Explain how deposits by Indians in Swiss banks increased by 286% in 2020, Congress asks Centre

The Congress has asked the government to explain how deposits by Indians in Swiss banks increased by 286% in 2020, as per the data released by the Swiss National Bank, despite the Modi-led BJP’s promise to bring back the money stashed away and distribute Rs 15 lakh to each Indian. The opposition asked the Centre to take steps to disclose the names of the latest Indian depositors in Swiss banks, especially when the Indian economy has tanked due to the Covid-19 pandemic. The party also sought a white paper on the matter.

AICC spokesperson Gourav Vallabh on Friday said: “The data for funds parked by Indian individuals and firms in Swiss banks for 2020 was released by the Swiss National Bank. If in 2019, total liabilities were 892 million CHF (Rs 7,200 cr), including customer deposits 550 million CHF, liability due to banks 88 million CHF and amounts due to customers in bonds/ securities 254 million CHF, the data shows in 2020 the total liability shot up to 2,553 million CHF (₹20,706 crore), including customer deposit 504 million CHF, liability due to banks 384 million CHF and amounts due to customers in bonds/securities 1,665 million CHF.”

According to him, three key takeaways from these data are: “Total deposits of Indians in Swiss Banks in 2020 have increased by 286% as compared to 2019. Their total deposits have been at a 13-year high, the highest since 2007. The bigger revelation comes from the data of the Bank for International Settlement, which indicates deposits by individuals in Swiss banks rose by 39% in 2020 as compared to 2019.”


Citing the data as the latest confirmation of the rich getting richer under the Modi regime when ordinary Indians are struggling, Vallabh asked: “Why is the Modi government not prepared to share names of individuals who moved money to Swiss banks last year and what are the attempts being made to bring back the black money? How much black money has been brought back and from which country in the last seven years? What has the Modi government done to control the stashing of black money in foreign accounts?”