The amount of cash parked by Indians in Swiss Banks has increased by over 50 per cent over the last year, with a report by the Swiss National Bank stating that Indian clients have parked close to Rs.7,000 crore in Swiss Banks.
The data also stated that the quantum of foreign deposits in Swiss Banks increased by 3 per cent in 2017, taking the total amount to Rs.100 lakh crore.
The data is surprising, given the government’s decision to crack down on black money, which had resulted in a 45 per cent drop in the quantum of Indian money held in Swiss Banks in the year 2016. This amount stood at Rs.4,500 crore.
|Year||Amount held by Indian clients (Swiss Francs)|
Swiss Banks received deposits from Indian clients to the tune of Rs.3,200 crore, Rs.1,050 crore via other banks and Rs.2,640 crore in the form of securities and other liabilities.
The country has been synonymous for deposits from wealthy Indians, with Indian deposits being the highest in the year 2006, when Swiss Banks held funds worth Rs.23,000 crore which were owned by Indians.
Switzerland has been open to sharing information of foreign client deposits in its banks, with it agreeing to cooperate with India in our government’s attempt to combat black money.
Sources: Bloomberg Quint, NDTV, Indian Express
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