Indians' money in Swiss Bank rise 50% to over Rs 7,000 crore
New Delhi, June 28 (IBNS): Even as the Narendra Modi government claimed to have made a clampdown on black money, an official annual data released by the Swiss National Bank revealed that money stashed by Indian in Swiss Bank rose to 50 percent to CHF 1.01 billion (Rs 7,000 crore) in 2017.
The Indian money deposited in Swiss banks had fallen by 45 percent in 2016 but in 2017, the total funds held by Indians with Swiss banks rose to 999 million Swiss franc (Rs 6,891 crore).
According to the 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’ such as securities at the end of 2017.
This comes even as the Centre constituted a Special Investigation Team (SIT) to probe cases of alleged black money of Indians stashed abroad.
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