Indian deposits in Swiss banks jump 50% to INR 30,000 crore

- Advertisement -

Mumbai, India (CU)_ According to the most recent data from the Switzerland Central Bank, Indian deposits in Swiss banks reached a 14-year high to 3.83 billion Swiss francs, or INR 30,626 crore with 50% growth in 2021. Until 2020, Indians have deposited 2.5 billion Swiss francs in Swiss banks.

In 2007, the amount was 2.92 billion Swiss francs. The money deposited in Swiss banks is generally considered as black money stashed outside of India. Following a number of anti-black money initiatives, such as an amnesty program for declaring undeclared overseas assets in 2015, the administration of Narendra Modi claimed to have subdued the scourge of black money stashed abroad.

gulfnews.com

Indian cash deposited in Swiss banks decreased from 1.2 billion Swiss francs in 2015 to 665 million Swiss francs in 2016, supporting the government’s assertions. In 2019, there were 892 million Swiss francs worth of Indian money in Swiss banks. However, the tendency has reversed since then.

The amount of money in Swiss banks almost tripled to 2.5 billion Swiss francs in 2020. In 2021, the government issued a clarification stating that consumer deposits had decreased since the end of 2019. The government may not have the same justification this year, as data indicates that consumer deposits have increased from 503 million Swiss francs in 2020 to 602 million Swiss francs in 2021. Other debts owed to consumers increased from 1.6 billion to 2 billion Swiss francs.

Hot this week

Are NZ Authorities Prepared as Heavy Rain, Gales and Alpine Snow Combine into a Nationwide Threat?

A major weather system is currently moving across New...

Are Audit Failures and Output Declines at OBP Fueling Livestock Disease Risks — or Is the Picture More Mixed?

Africa (Commonwealth Union) _ The Southern African Agri Initiative...

Will New UK Legislation Let Troops Destroy Suspect Drones Over Military Bases?

(Commonwealth_Europe) Britain is preparing to grant its armed forces...

Can a Nickel-and-Lithium Axis Between Indonesia and Australia Build Indo-Pacific Supply-Chain Resilience?

In today's world of growing great power competition, middle...

Mystery foam on the Thetford River prompts investigation

(Commonwealth_Europe) Thick white foam still floats along parts of...
- Advertisement -

Related Articles

- Advertisement -sitaramatravels.comsitaramatravels.com

Popular Categories

Commonwealth Union
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.