Indian funds in Swiss banks rise by 50% to over ₹ 7000 Crore
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Indian funds in Swiss banks rise by 50% to over ₹ 7000 Crore

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The government has continued its campaign against black money deposited abroad but there has been an increase in black money deposited abroad. Now the Central Government runs the campaign against this black money.

Indian deposits in Swiss banks increased for the first time in four years to one billion Swiss francs (7,000 million rupees) last year, showing an increase of 50 percent compared to one year ago.

This is revealed in the latest figures of Switzerland's central bank. According to this report, the money kept by the Indians in Swiss bank accounts increased from 50 percent to Rs. 7,000 crore (1.01 billion francs) in 2017.

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Earlier, there was a steady fall in deposits of Indians in the three years. In such a country, which is known for its banking secrecy, visible increase in funds is really shocking. while the Indian government has been campaigning against black money holders in abroad.

According to the Swiss National Bank (SNB) annual figures, Indian money deposited in Swiss bank accounts declined by 45 percent in 2016 to 67.6 million francs (about 4500 crore rupees). This amount was the lowest since the beginning of publication of this figure since 1987.

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According to the data of SNB, the money directly deposited in Swiss bank accounts by Indians became approximately 6891 crore (99.9 million francs) in 2017. At the same time, the money deposited by the representatives or the Money managers was 112 crore rupees (1.62 crore francs) during this period.

According to the latest data, Rs. 3200 crores deposited in the Swiss bank in the form of customer deposits and on the other hand, Rs. 1050 crores deposited through other banks. Indians money in Swiss bank accounts increased by 12 percent in 2011, 43 percent in 2011 and 50.2 percent in 2017. Earlier in 2004, this fund was up 56 percent.

These figures of SNB have been released at such times, while a few months back, a new system of automatic exchange of information between India and Switzerland has been implemented. The purpose of this arrangement is to get rid of the problem of black money. Meanwhile, Swiss banks' profits increased 25 percent to 9.8 billion francs in 2017.

However, the deposits of foreign customers of these banks declined during this period. Before this, the profits were reduced to almost half of the 7.9 billion francs in 2016.

The post Indian funds in Swiss banks rise by 50% to over ₹ 7000 Crore appeared first on NewsCrab.


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