The finance ministry on Saturday asserted that Indian customers’ deposits in Swiss banks have fallen since 2019, but said it is seeking details from Swiss authorities on the relevant facts along with their view on possible reasons for changes in the funds parked by individuals and entities in 2020.

In a statement, the ministry said the deposits have halved but did not give the numbers.

Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to a 13-year high of 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.

In its statement, the ministry said the figures “do not indicate the quantum of the much debated alleged black money held by Indians in Switzerland. Further, these statistics do not include the money that Indians, NRIs or others might have in Swiss banks in the names of third-country entities”.

The ministry noted that customer deposits have actually fallen from the end of 2019. The funds held through fiduciaries have also more than halved from 2019-end.

“The biggest increase is in ‘other amounts due from customers’. These are in the form of bonds, securities and various other financial instruments,” the ministry added.