Indian money in Swiss banks rise 50% to Rs 7k cr
Money parked by Indians in Swiss banks rose over 50 per cent to Rs 7,000 crore (CHF 1.01 billion) in 2017, reversing a three-year downward trend amid India\'s clampdown on suspected black money stashed there.
Zurich/New Delhi: Money parked by Indians in Swiss banks rose over 50 per cent to Rs 7,000 crore (CHF 1.01 billion) in 2017, reversing a three-year downward trend amid India's clampdown on suspected black money stashed there.
In comparison, the total funds held by all foreign clients of Swiss banks rose about 3 per cent to Rs 100 lakh crore (CHF 1.46 trillion) in 2017, according to the official annual data released on Thursday by Swiss National Bank (SNB), the central banking authority of the Alpine nation.
The 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.
The Indian money in Swiss banks had fallen by 45 per cent in 2016, marking their biggest ever yearly plunge, to Rs 4,500 crore (CHF 676 million) -- the lowest ever since the European nation began making the data public in 1987.
According to the SNB data, the total funds held by Indians directly with Swiss banks rose to Rs 6,891 crore (999 million Swiss Franc) in 2017, while the same held through fiduciaries or wealth managers increased to Rs 112 crore (CHF 16.2 million). These figures stood at CHF 664.8 million and CHF 11 million, respectively, at the end of 2016.
As per the latest data, the Indian money in Swiss banks included Rs 3,200 crore (CHF 464 million) in the form of customer deposits, Rs 1,050 crore (CHF 152 million) through other banks and Rs 2,640 crore (CHF 383 million) as 'other liabilities' such as securities at the end of 2017.
The funds under all three heads have risen sharply, as against a huge plunge across all categories in the previous year, the SNB data showed. The funds held through fiduciaries alone used to be in billions till 2007 but began falling after that amid fears of regulatory crackdown.
The total funds held by Indians with Swiss banks stood at a record high of Rs 23,000 crore (CHF 6.5 billion) at 2006-end, but came down to nearly one-tenth of that level in about a decade.