Swiss Banks Witness 50% Rise In Indian Stash

June 29, 2018 09:55
Swiss Banks Witness 50% Rise In Indian Stash

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Swiss Banks Witness 50% Rise In Indian Stash:- With Indian Prime Minister Narendra Modi announcing that he would bring back all the black money that has been shifted to international banks, the country has been completely focused Modi's steps. But the latest update says that the money parked by Indians in Swiss Bank increased by 50%. Despite of several attempts, the black money moved to Swiss Bank has been increasing. The black money rose by 50% to CHF 1.01 billion which is equal to Rs 7000 crores.

As per the records, the funds held by foreign clients of Swiss banks rose by 3% to CHF 1.46 trillion which is about Rs 100 lakh crores last year. This is as peer the annual data released by Swiss National Bank (SNB). According to the SNB data, the total funds held by Indians directly with Swiss banks rose to 999 million Swiss francs (Rs 6,891 crore) in 2017. This came as a huge shock for the complete nation and Swiss Bank has been named as the most secured bank to hold black money across the globe.

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Tagged Under :
Swiss Bank  Indian Black Money