Money of Indians in Swiss Banks jumps 50%

Money of Indians in Swiss Banks jumps 50%

NEW DELHI: Money parked by Indians in Swiss banks rose over 50 per cent to CHF 1.01 billion (Rs 7,000 crore) in 2017, reversing a three-year downward trend amid India’s clampdown on suspected black money stashed there.nnIn comparison, the total funds held by all foreign clients of Swiss banks rose about 3 per cent to CHF 1.46 trillion or about Rs 100 lakh crore in 2017, according to the official annual data released by Swiss National Bank (SNB), the central banking authority of the Alpine nation.nnThe 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.nnThe Indian money in Swiss banks had fallen by 45 per cent in 2016, marking their biggest ever yearly plunge, to CHF 676 million (about Rs 4,500 crore) — the lowest ever since the European nation began making the data public in 1987.nnAccording to the SNB data, the total funds held by Indians directly with Swiss banks rose to 999 million Swiss franc (Rs 6,891 crore) in 2017, while the same held through fiduciaries or wealth managers increased to CHF 16.2 million (Rs 112 crore).nnThese figures stood at CHF 664.8 million and CHF 11 million, respectively, at the end of 2016.nnSource: Press Trust of India

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