Money parked by Indians(Politicians, Film Stars, Industrialists, or etc.) in Swiss banks rose for the first time in four years to one billion Swiss francs (7,000 million rupees) last year, which shows an increase of 50 percent compared to a year ago. This is revealed in the latest figures of Switzerland’s central banking authority of the Alpine nation. According to this, the money stashed in Swiss bank accounts by Indians increased by more than 50% in 2017 to 7,000 crore (1.01 billion francs). Earlier, there was a steady decline in deposits of Indians in the last three years in the Swiss bank.
- According to the data of SNB, the money directly deposited in Swiss bank accounts by Indians became approximately 6891 crores (99.9 million francs) in 2017. At the same time, the money held by the fiduciaries or the wealth managers increased to 112 crore rupees (1.62 crore francs) during this period. In the meantime, the deposits of foreign customers of these banks decreased during the period, before that the profits were reduced to almost half of the order of 7.9 billion in 2016.
According to the latest figures, In Swiss Bank, the Indian money Rs. 3200 crores deposited as customer deposits, Rs. 1050 crores through other banks, Rs 2,640 crore as ‘other liabilities’. Money under these has risen sharply, as against a huge plunge across all categories in the previous year. Indians’ wealth in Swiss bank accounts increased by 12% in 2013, 43% in 2013 and 50.2% in 2017. Earlier this money was up 56% in 2004.
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. The issue of black money has always been a reasonable matter of big debate in India and Switzerland has been long perceived as one of the safest havens for such funds. Before the 2019 General Elections, the issue of black money can create a long political issue in India because in 2015, the money stayed by Indians in Swiss banks had fallen by nearly Rs 8,000 crore and this time it rose 50%.