There is no official estimate of the exact amount of money deposited in Swiss banks by Indian citizens and companies, Union Finance Minister Nirmala Sitharaman said in a written reply to a Lok Sabha question. Sabha on Monday. Asked about money deposited in Swiss banks, Indy Sitharaman said, “There is no official estimate of the amount of money deposited in Swiss banks by Indian citizens and companies.”
However, he said that some recent media reports said that the funds of Indians in Swiss banks increased in 2021 compared to 2020. These media reports also mentioned that the deposits do not reflect the amount of alleged black money held by Indians in Switzerland. The minister said that the Swiss authorities had said that the annual banking statistics of the Swiss National Bank (SNB) should not be used for analysing deposits held in Switzerland by Indian residents.