Deposits by Indians in Swiss banks rises 50% in 2017

SWISS BANK

New Delhi, June 29: Amid Modi government’s clampdown on suspected black money, Money deposited by Indians in Swiss banks rose over 50 percent to 1.01 billion Swiss francs (Rs. 7,000 crores) in 2017.

According to the official data of the Swiss National Bank (SNB), the total funds held by all foreign clients of Swiss banks rose about 3 percent to 1.46 trillion Swiss francs or about Rs 100 lakh crore last year, PTI reported.

The Indian money in Swiss banks had plunged by 45 percent in 2016, marking their biggest ever yearly downfall, to 676 million Swiss francs (about Rs 4,500 crore) — the lowest ever since Switzerland started making the data public in 1987.

As per the SNB data, the total funds held by Indians directly with Swiss banks rose to 999 million Swiss francs (Rs 6,891 crore) in 2017, while the same held through fiduciaries or wealth managers increased to 16.2 million Swiss francs (Rs 112 crore). These figures stood at 664.8 million Swiss francs and 11 million Swiss francs at the end of 2016.

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

The funds under all three heads have increased sharply, as against a huge plunge across all categories in the previous year, the SNB data claimed.

The funds held through fiduciaries alone used to be in billions till 2007 but started decreasing after that amid fears of the regulatory crackdown.

A total of funds held by Indians with Swiss banks stood at a record high of 6.5 billion Swiss francs (Rs 23,000 crore) at 2006-end but came down to nearly one-tenth of that level in about a decade.

Prior to this, in 2015, the money held by Indians in Swiss banks had fallen by nearly one-third to 1,217.6 million Swiss francs (around Rs 8,000 crore). Prior to that, these funds fell by 10 percent to 1.8 billion in 2014, after a rise of 43 percent in 2013 to 2.03 billion Swiss Francs.

However, the total assets of Swiss banks in India fell by about 18 percent in 2017 to 3.2 billion Swiss francs in the second consecutive year of decline. Tangible assets such as real estate and properties are not included in this.

WeForNews 

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