Indians’ money in Swiss Banks rise over 50 % to Rs 7,000 crore in year 2017

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Money parked by Indian nationals in Swiss banks rose over 50 percent to CHF (Swiss franc) 1.01 billion (Rs 7,000 crore) in 2017, in comparison to 2016 which witnessed a big plunge by 45 % CHF 676 million (about Rs 4,500 crore).

The rise in the amount of Indian money held with Swiss banks really comes as a big surprise for India given country’s continuing efforts to crack down on suspected black money stashed abroad.

According to the Swiss National Bank (SNB) data, the total funds held by Indians directly with Swiss banks rose to 999 million Swiss francs (Rs. 6,891 crore) in 2017.

According to the latest data, the Indian money in Swiss banks included CHF 464 million (Rs 3,200 crore) in the form of customer deposits, CHF 152 million (Rs 1,050 crore) through other banks and CHF 383 million (Rs 2,640 crore) as ‘other liabilities’ at the end of 2017.

SNB data revealed that the funds under all above mentioned three categories have risen sharply, as against a huge fall across all categories in 2016.

Official figures released by SNB do not include the money that Indians, NRIs or others might have in Swiss banks in the names of entities from different nations.