Money of Indians in Swiss banks rise 50% to over Rs 7,000 crore
ZURICH/NEW DELHI: Money parked by Indians in Swiss banks rose over 50 per cent to CHF (Swiss franc) 1.01 billion (Rs 7,000 crore) 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 CHF 1.46 trillion or about Rs 100 lakh crore in 2017, according to the official annual data released today 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 CHF 676 million (about Rs 4,500 crore) — 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 999 million Swiss franc (Rs 6,891 crore) in 2017, while the same held through fiduciaries or wealth managers increased to CHF 16.2 million (Rs 112 crore). 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 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.
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 CHF 6.5 billion (Rs 23,000 crore) at 2006-end, but came down to nearly one-tenth of that level in about a decade.
The latest data from Zurich-based SNB comes months after a new framework having been put in place for automatic exchange of information between Switzerland and India to help check the black money menace.
While Switzerland has already begun sharing foreign client details on evidence of wrongdoing provided by India and some other countries, it has agreed to further expand its cooperation on India's fight against black money with a new pact for automatic information exchange.
The funds, described by SNB as 'liabilities' of Swiss banks or 'amounts due to' their clients, are the official figures disclosed by the Swiss authorities and do not indicate to the quantum of the much-debated alleged black money held by Indians there.
Swiss banks have earlier said Indians have "few deposits" in Swiss banks compared to other global financial hubs like Singapore and Hong Kong amid stepped-up efforts to check the black money menace.
On directions of the Supreme Court, India had constituted a Special Investigation Team (SIT) to probe cases of alleged black money of Indians, including funds stashed abroad in places like Switzerland.
A number of strategies were deployed by the government to combat the stash-funds menace, in both overseas and domestic domain, which included enactment of a new law, amendments in the Anti-Money Laundering Act and compliance windows for people to declare their hidden assets.
The Tax department had detected suspected black money running into thousands of crores of rupees post investigations on global leaks about Indians stashing funds abroad and has launched prosecution against hundreds of them, including those with accounts in the Geneva branch of HSBC.
The issue of black money has always been a matter of big debate in India and Switzerland has been long perceived as one of the safest havens for such funds.
Earlier in 2015, the money held by Indians in Swiss banks had fallen by nearly one-third to CHF 1,217.6 million (over Rs 8,000 crore). Prior to that, these funds fell by 10 per cent to CHF 1.8 billion in 2014, after a rise of 43 per cent in 2013 to CHF 2.03 billion.
The total assets of Swiss banks in India, however, fell by about 18 per cent in 2017 to CHF 3.2 billion in second consecutive year of decline. This does not include any tangible assets like real estate and properties.
原创翻译：三泰虎 http://www.santaihu.com/45429.html 译者：Joyceliu
jeet-13 hours ago
Utter failure of demonetization.
Abhijet Singh-Dubai-13 hours ago-Follow
No one can bring back ever the captured BLACK MONEY.........we public are the actual fool as usual
Santosh-13 hours ago-Follow
Instead of bringing back black money from Switzerland, Feku and team started depositing it
welearnbydoing-Delhi-13 hours ago-Follow
Do you think govt will take action against rich friends,
In up coming elections govt will promise 30 lacs instead of 15 lacs and nothing will be given to public.
Vikas-New Delhi-11 hours ago-Follow
bjp is the only one earning nowdays. other parties have become beggars. lol.
RJ KHURANA-12 hours ago-Follow
It will be interesting to hear the explanation of the ruling Party.
Santosh-13 hours ago-Follow
Now in 2019 elections Feku will say 22.5 lakhs per person k account me daalenge,
Arrow-11 hours ago-Follow
PM promised to deposit 15 lakhs in 2014, now black money increased by 50%, so can we expect 22 lakhs.
Disque Chat-13 hours ago-Follow
So normal public suffered wrath of demonetization for no reason???? For whole year Indians couldn’t buy vegetables, dowry, water, petrol etc due to demonetization. It is true people from streets are very crockand modi used his smartness to fraud the public. Regardless of if he wins or lose in 2019 modi and his gang made enough money to buy India 10 times.
Our-13 hours ago-Follow
One more Failure. Feku is a born Failure.
Jiten-13 hours ago-Follow
MODI ji Indians are still waiting for 15 lacs each Jo aapne promise Kiya tha, 15 lacs chodo black money is increasing day by day .
BJP govt completely failed in terms of black money.
I also voted for BJP now I think I did a big mistake, false promises.
Sameer-Pune-12 hours ago-Follow
Surprise Surprise... on the Chowkidars watch the money goes abroad....... Lets blame Nehru
Murli-13 hours ago-Follow
Varadarajan-Mumbai, Maharashtra, Ind-13 hours ago-Follow
Hope Mody Saab is reading this. He came to power with a promise to bring all black money back. What now? Again he may promise and come back? wah 're wah..
Hopeless-10 hours ago-Follow
Indian govt knows where the money is and also where Nirav and Mallya are but whats the use?! Besides DeMo which was a disaster this govt has done nothing but killed all the small fishes and let the sharks escape.
Bharat K-11 hours ago-Follow
The PM has to explain this and should be accountable! A miserable failure on all fronts! All rhetoric and no action!
basha abdul-9 hours ago-Follow
Modi''s lies and deceit.No black money came.Instead white money too is going out as black.
Siddhu-11 hours ago-Follow
What MODI JI is doing ?? Still thinking how to bring this money from swiss banks ?
Jittu Mathew-9 hours ago-Follow
Get ready Mitroooooo.... we will be credited 30Lac during 2019 election ...
The Game Changer
The Game Changer-Mobai-9 hours ago-Follow
great, now Modi will promise that we will get 30 lakhs in our bank account in his next election campaign...what a masterstroke
Tatya-11 hours ago-Follow
7000 crores is visible money... invisible money from Rafael deal, NiMo fraud, etc, etc... nobody knows how much has been looted under the BJP... but their leaders point fingers...
Dilbag Rai-Chandigarh-13 hours ago-Follow
Swiss banks are prospering on the revenue earned on the Black money deposited by foreigners .Shame for Switzerland to safeguard the illegal money
shakcrazy1-8 hours ago-Follow
It took 70 years for Congress but BJP done just in four years. What a master stroke by Modi
G PAL-9 hours ago-Follow
BJP supporters have parked money in Swiss banks for 2019 elections
Kaliyan Vengadatthan-10 hours ago-Follow
The worst economic offenders in the world reside in India.
Seonac Mikhail-9 hours ago-Follow
My first question is :How money went from india to switzerland under chowkidar''s watch?
Answer is:BJP actively support black money hoarders and allows them to transfer money.
AamAdmi-9 hours ago-Follow
One favour to ask from all sensible Indians. Please send this guy back from Delhi to Vadnagar station where he can do chai pe charcha at his tea stall recounting how he had fooled 31 million people once.
Gentleman-11 hours ago-Follow
This 50% belongs to businessmen who is supporting NDA or BJP.
Satish Sharma-11 hours ago-Follow
This shows the failure of Modi govt in dealing with black money parked in Swiss banks .They have done nothing in getting black money from Swiss banks.They should accept it.
Bharath Reddy-8 hours ago-Follow
BJP became the richest party in India in just four years. And we thought corrupt Congress had money. BJP is richer than all the other parties combined.