Claim: Many social media accounts are sharing annual banking information shared by the Swiss National Bank, with the claim that it indicates a three-fold increase in black money held by Indians in Swiss bank accounts.
Our examination found the claim to be MISLEADING.
How we examined the claim:
- We checked the original report published by the Swiss National Bank (the official Central Bank of Switzerland). The report differentiates between Amounts due to Indian Banks and Amounts due in respect of Indian Customer Deposits. The money due to Indian banks in 2023 was 427 million Francs. This amount grew to 3022 million (3.022 billion) Francs in 2024. This money indicates money owed by Swiss banks and their branches in India to Indian banks.
2. Money held by Indian nationals in Swiss Banks is reported separately, and it stood at 346 million Francs in 2024. The same number in 2013 was 1656 million (1.656 billion) Francs, indicating a sharp fall in Swiss Bank deposits by Indian Nationals over the last decade.
Conclusion:
Black money in Swiss Bank accounts is a prominent political issue in India. However, that debate applies to bank deposits by Indian Nationals and not to routine institutional/ inter-bank positions held by Indian and Swiss banks in the normal course of business. As is clear from the official numbers released by Swiss National Bank, the individual deposits held by Indians have fallen sharply over the last decade despite the small 11% jump, from 2023 to 2024. The 3 times growth in money owed by Swiss Banks to India (from 2023 to 2024) is due to routine inter-bank transactions and not due to the controversial individual Swiss bank deposits.
Therefore, the claim is Misleading.
