Money of Indians in Swiss banks rise 50% to over Rs 7000 crore
Forget about Bringing black money back to India- Money of Indians in Swiss banks rise 50% to over Rs 7000 crore. Narendra Modi promised to bring back all the unaccounted money in Swiss Banks during his 2014 Election Campaigning. Forget about bringing it back, Indians money in Swiss Banks increased by 50 percent to 1.01 billion Swiss francs (Rs 6,891 crore) in 2017.
As per the latest data, the Indian money in Swiss banks included 464 million Swiss franc (Rs 3,200 crore) in the form of customer deposits, 152 million Swiss franc (Rs 1,050 crore) through other banks and 383 million Swiss franc (Rs 2,640 crore) as ‘other liabilities’ such as securities, at the end of 2017.
Biggest rise of Indians Money in Swiss Banks – 12 percent in 2011, 43 percent in 2013 and 50.2 percent in 2017. Shockingly, This upward trend began after PM Modi rolled out Demonetisation for unearthing the Black Money.
As per Swiss National Bank (SNB), Total Funds of all foreign clients of Swiss Banks increased by 3 percent to Rs 100 lakh crore in 2017.
Indian Money in Swiss banks fell by 45 percent in 2016. Withdrawal of Rs 4,500 crore in a single year never happened before. The trend got reversed completely in 2017.