Indian Money in Swiss Banks Hit New Low at US$ 700 Million
According to the latest data of the Swiss National Banks (SNB), the total bank deposits of Indians have hit a record low of 676 million Swiss Francs (US$ 700 million). This comes as a small victory for the Indian government that has been relentlessly trying to crackdown on black money.
According to reports, towards the end of 2016, Indians held a total fund of US$ 689 million directly with Swiss banks. While the same held through fiduciaries was nearly US$ 11 million, as per the latest data published by the country’s central banking authority SNB.
The total money of all Indians fell by a whopping 45 percent during 2016, making it the biggest ever yearly decline in funds. This included nearly US$ 390 million in form of customer deposits, around US$ 101 million owed to Indians through other banks and US$ 197million in form of other liabilities.
To get a grasp of the quantum leap of the government’s black money crackdown program, let us take a staggering statistical fact. In 2006, the funds held by Indians stood at a record high of US$ 6.75 billion. Now after a decade, it has become one-tenth of that amount. The funds held through fiduciaries or wealth managers alone used to be in billions until 2007.
However, fluctuations in rupee value need to be considered, especially in 2011 and 2013, when Indian money had risen by over 12 per cent and 42 per cent, respectively. According to reports, the earlier lowest ever figure was recorded in 1995 at US$ 750 million.
The Supreme Court of India has constituted a Special Investigation Team (SIT) to look into the matter of black money stashed abroad.
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