Indian money in Swiss banks hits record low of ?4,500 crore
Money held by Indians in Switzerland banks fell to a record low of 676 million Swiss francs (?4,500 crore) in 2016. Marking the third straight year of decline, this is the lowest Indians held in Swiss banks since Switzerland began making the data public in 1987. Total money held by Indians fell 45%, marking the biggest-ever yearly decline.
After a sustained campaign against black money stashed abroad, the Indian government's efforts seemed to have bore fruits as the money parked by Indians in Switzerland's banks is now down by nearly half.According to the latest data published today by Switzerland's central banking authority SNB (Swiss National Bank), deposit by Indians is down to 676 Swiss francs, which comes to about Rs 4,500 crore in 2016.This is a record low for filthy rich Indians who have been accused of keeping black money stashed behind Swiss bank's famed secret walls.The issue of black money has been a matter of big debate in India and Switzerland has been long perceived as one of the safest havens for the illicit wealth allegedly stashed abroad by Indians.(PTI inputs)Also read: