Swiss Banks,Indians money,black money

Demonetization Failed by Modi Govt: Indian’s black money in Swiss banks increased by 50 per cent to Rs 7000 crore.

# Headlines Finance Government

Zurich, The report released by the Swiss National Bank (SNB) for the Modi government, which claims to be a deficit in black money, is a big setback. According to this, Indian’s wealth in Swiss banks has gone up by 50% to about 7,000 crore rupees. The money raised directly by the Indians in Swiss bank accounts increased to 99.9 million Swiss francs (about Rs 6,900 crore) and the money collected through others has also increased to 1.6 million Swiss francs (about 110 million rupees). According to statistics, the total wealth of foreign customers in Swiss bank accounts is more than 1460 billion Swiss franc (about Rs 100 lakh crore).

Despite the campaign against black money, the increase in the wealth of Indians in Swiss banks is astonishing. Indians are keeping their black money in Switzerland’s banks, because the information of the customers in these banks is kept very confidential. In 2016, Indians’ wealth was reduced by 45 percent in Swiss banks. After the largest annual fall, it was 676 million Swiss franc (Rs 4,500 crore). This was the lowest level since the introduction of the data by the European Bank in 1987.

According to SNB data, the funds kept by the Indians directly in Swiss banks increased to Rs 6,891 crore in 2017, while the money kept by fund managers was Rs 112 crore.

According to the latest figures, the deposits of Indians deposited in Swiss banks amounted to Rs 3,200 crore, Rs 1,050 crore through other banks and Rs 2,640 crore as other loyalties.