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

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In Swiss banks, money parked by Indians 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.

According to the official annual data released today by Swiss National Bank (SNB), the central banking authority of Switzerland, 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.

As per the latest data, the Indian money in Swiss banks included CHF 464 million (Rs 3,200 crore) in the form of customer deposits, 152 million Swiss francs (Rs 1,050 crore) through other banks and 383 million Swiss francs (Rs 2,640 crore) as ‘other liabilities’ such as securities at the end of 2017.
The funds under all three heads have risen sharply, as against a huge plunge across all categories in the previous year, the SNB data showed.

Source: ndtv

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