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Indian money went 34% down in Swiss Bank under Modi Government

Indian money went 34% down in Swiss Bank under Modi Government
Written by Abhishek Lohia

In the last week of last month, it was reported that Indians’ money has increased by 50% in Swiss bank accounts to Rs 7000 crore, but now a big disclosure has been out. According to the latest disclosures, the wealth of Indians deposited in the Swiss bank branches has decreased. This is not a small deficit but a deficit of 34% and it has been reported to the Finance Minister Piyush Goyal to the Parliament. Finance Minister Piyush Goyal said in Parliament, “The Indian government had sought information, according to which Indians’ money in Swiss banks has decreased by 34 percent in the past one year.”

In its earlier information, it was being said that Indians’ money has been rising once again in the Swiss National Bank, which is said to be the biggest place for black money of Indians. The Swiss National Bank (SNB) issued a figure under which it was revealed that in the last one year, the deposits of Indians in the Swiss National Bank have increased by 50 percent and that is up to 1 billion Swiss francs or Rs 7,000 crore Indian rupees. Has reached.

The data that was first released was included in the transaction which was done through the branch of Indian banks and which has been transferred from branches of Nationalized Bank of India to Swiss Bank branches. According to the SNB data, Indians directly deposited in Swiss bank accounts became approximately 6891 crores (99.9 million francs) in 2017. At the same time, the money kept by the representatives or the wealth managers was 112 crore rupees (1.62 crore francs) during this period.

The sources pointed out that India has signed an agreement with Switzerland on December 21, 2017, under which both the countries have started collecting data in accordance with global standards from January 1, 2018. India and Switzerland would start the exchange of data from September 2019 on a yearly basis, they said.

About the author

Abhishek Lohia

Abhishek Lohia was a Sports and Political Writer working for Newsfolo and is no longer associated with the organization.

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