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Indian Money In Swiss Banks Felldown By 5.8 %
By: Tupaki Desk | 26 Jun 2020 11:50 AM GMT
The annual data released by Switzerland's central bank showed that the funds of Indians and enterprises in the swiss banks saw a dip by around 6 percent. This loosely translates to Rs 6,625 crore.
The gross funds of Indian account holders in the Swiss banks fell down for the second consecutive year. The 6% decline in the funds marks the third-lowest, ever since the Swiss National Bank (SNB) started systematizing the bank data in 1987.
The money of Indian clients in the Swiss Banks decreased by Confoederatio Helvetica Franc(CHF) 55 million that translates to 5.8 percent.
The figure saw the highest rate with CHF 6.46 billion in 2006 and in the year 2014 it stood at CHF 1.81 billion with Rs 14,400 crores.
The steps taken by the Centre to restrain the Black money played a crucial role in the downfall of the funds that belong to the Indians. However, in the year 2016, India set up a framework to exchange the details of the Indian account holders in the bank.
On the other hand, the total deposits increased by 3.1 percent to CHF 1.44 trillion. The foreign deposits stood at CHF 1.39 trillion in 2018.
India which was at the 74th place in terms of account holders in 2018, fell down by three more positions and stood at 77th position, while Britain made it to the top spot.
The gross funds of Indian account holders in the Swiss banks fell down for the second consecutive year. The 6% decline in the funds marks the third-lowest, ever since the Swiss National Bank (SNB) started systematizing the bank data in 1987.
The money of Indian clients in the Swiss Banks decreased by Confoederatio Helvetica Franc(CHF) 55 million that translates to 5.8 percent.
The figure saw the highest rate with CHF 6.46 billion in 2006 and in the year 2014 it stood at CHF 1.81 billion with Rs 14,400 crores.
The steps taken by the Centre to restrain the Black money played a crucial role in the downfall of the funds that belong to the Indians. However, in the year 2016, India set up a framework to exchange the details of the Indian account holders in the bank.
On the other hand, the total deposits increased by 3.1 percent to CHF 1.44 trillion. The foreign deposits stood at CHF 1.39 trillion in 2018.
India which was at the 74th place in terms of account holders in 2018, fell down by three more positions and stood at 77th position, while Britain made it to the top spot.
