In a shocker, it has now emerged that money parked by Indians in Swiss banks rose over 50 per cent to CHF 1.01 billion (Rs 7,000 crore) in 2017.
This is stark reversal of the three-year downward trend amid India’s clampdown on suspected black money stashed there.
The data released by the Swiss banks has gone on to suggest that 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.
The official data released today was by Swiss National Bank (SNB), which is the central banking authority of the Alpine nation.
Many of the media outlets are now demanding that government explains the sudden surge in Indian investments abroad.
Especially in wake of India’s continuing clampdown on suspected black money stashed abroad.
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).
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.>