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In 3 Years, 50 Percent Rise In Swiss Bank Deposits By Indians

JAVED SAIFI | 0
4701
| June 29 , 2018 , 12:10 IST

As per the data released by Swiss National Bank on Friday, again a disappointment in eliminating the black money as Indian’s deposits rose by 50 percent to Swiss francs 1.01 billion (Rs 7,000 crores) in last three preceding years in Swiss National Bank in 2017.

These funds were stood at 676 million (Rs. 4500 crore) at the end of 2016.

The data also showed, Indian deposits of about Swiss francs 464 million (Rs. 3200 crores) with Swiss Bank is in the form of customer deposits, Swiss francs 152 million (Rs. 1050 crore) deposited through banks and Swiss francs 383 million (Rs. 2640 crore) deposited in the form of other liabilities at the end of 2017.

It is for the third time when Indian’s money has gone up with Swiss banks as in 2011 (12 percent rise), 2013 (43 percent rise) and 2017 (50.2 percent rise). Maximum rise in deposits has been recorded in 2004 with 56 percent and lowest was recorded in 2016.

Also Read: PM Modi Choreographed DeMonetization, Leaving Out Window For Black Money Hoarders: Congress

In comparison, all foreign client deposits around the world in Swiss banks rose by 3 percent to Swiss francs 1.46 trillion (Rs 100 lakh crore).

Taking a dig on Prime Minister Narendra Modi’s long-standing campaign promises of bringing back black money, Congress tweeted the Swiss Bank report.

PM Modi in his 2014 election campaign has raised the issue of black money with Swiss Bank and has been trying to curb black by implementing various policies like Demonetisation and GST. Tax Agencies has also announced incentive programmes to those providing information about black money.