Money of Indians in Swiss banks rise 50 per cent

According to the official annual data released today by Swiss National Bank (SNB), money held by Indians in Swiss banks rose over 50% in 2017. While the Indian money fell by 45% in 2016 and stood at CHF 676 million (about Rs 4,500 crore), the amount now stands at CHF 1.01 billion (Rs 7,000 crore).

The total funds held by Indians directly with Swiss banks shot up to 999 million Swiss francs (Rs 6,891 crore) in 2017. Similarly, the amount stashed through fiduciaries or wealth managers rose to CHF 16.2 million (Rs 112 crore).

However, the huge increase is surprising given BJP government's crackdown on suspected black money stashed abroad.