Money In Swiss Banks Rises 50% To Over Rs. 7,000 Crore

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Press Trust of India

ZURICH/NEW DELHI: Money parked by Indians in Swiss banks rose over 50 per cent to 1.01 billion Swiss francs (Rs. 7,000 crore) in 2017, reversing a three-year downward trend amid India's clampdown on suspected black money. In comparison, the total funds held by all foreign clients of Swiss banks rose about 3 per cent to 1.46 trillion Swiss francs or about Rs. 100 lakh crore in 2017, according to the official annual data released today by Swiss National Bank (SNB), the central banking authority of Switzerland.

The surge in Indian money held with Swiss banks comes as a surprise given India's continuing clampdown on suspected black money stashed abroad, including in banks of Switzerland that used to be known for their famed secrecy walls for years.

The Indian money in Swiss banks had fallen by 45 per cent in 2016, marking their biggest ever yearly plunge, to 676 million Swiss francs (about Rs. 4,500 crore) -- the lowest ever since the Switzerland began making the data public in 1987.

Read the full article at:
https://www.ndtv.com/india-news/money-of-indians-in-swiss-banks-rises-50-to-over-rs-7-000-crore-1874896

JULY 2018

Vol. 12 - No. 12










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