Deposit by Indians in Swiss banks rose by 50%
29 June 2018
Money stashed away by Indians in Swiss banks rose over 50 per cent to Swiss franc 1.01 billion (Rs7,000 crore) in 2017, reveals the official annual data by Swiss National Bank (SNB), the central banking authority of Switzerland, released on 28 June .
In comparison, the total funds held by all foreign clients of Swiss banks rose about 3 per cent to Swiss franc 1.46 trillion or about Rs100 lakh crore in 2017, t
The rise in deposits by Indians is a reversal of a three-year decline amid a clampdown on suspected black money stashed abroad.
SNB data reveals the total funds held by Indians directly with Swiss banks rose to Swiss franc999 million ( Rs6,891 crore) in 2017, while the amount held through fiduciaries (wealth managers) rose to Swiss franc16.2 million (Rs112 crore), up from Swiss franc664.8 million and Swiss franc11 million, respectively, at the end of 2016.
The surge in money held by Indians in Swiss banks comes as a surprise given India's continuing clampdown on suspected black money stashed abroad, including in Swiss banks.
The money by Indians in Swiss banks had fallen by 45 per cent in 2016, marking the biggest ever yearly fall, to Swiss franc 676 million (about Rs4,500 crore) -- the lowest ever since the European nation began making the data public in 1987.