Home News Reports Indian money parked in Swiss banks hits all time low

Indian money parked in Swiss banks hits all time low

Money parked by Indians in Swiss banks has been reducing drastically, thanks to the Modi government’s relentless efforts to curb black money.

The latest data published by Swiss National Bank (SNB) shows that the total funds held by Indians with Swiss banks in 2016 stood at a record low of 676 million CHF (Swiss francs), which was about Rs 4,500 crore. This amount is in form of customer deposits, money owed to Indians through other banks, and other liabilities.

In 2015, the total funds held by Indians with Swiss banks stood at CHF 1,206.71 million. In the year 2014, the total funds held by Indians with Swiss banks stood at CHF 1,814 million. This is the third straight year of substantial decline of funds held by Indians with Swiss banks.

- Advertisement -

The funds held by Indians with Swiss banks stood at a record high of CHF 6.5 billion (Rs 23,000 crore) at 2006-end. In about a decade it has come down to almost one-tenth.

The total fund held by Indians with Swiss banks in 2016 is the lowest ever since the Alpine nation began making the data public in 1987. Earlier the lowest figure was recorded at CHF 723 million in 1995.

Neighbouring Bangladesh though saw a rise of 20% in Swiss bank deposits compared to last year while Pakistan saw a marginal decline, though their deposits still are more than double of that of India.

Earlier this month, Switzerland had ratified automatic exchange of financial account information with India which would facilitate immediate sharing of details about suspected black money. Adopting the Automatic Exchange of Information (AEOI) – a global convention on tax matters – the Swiss Federal Council said the implementation is planned for 2018 and the first set of data would be exchanged in 2019.

The development came following hectic parleys between India and Switzerland for introduction of the AEOI on tax matters under the guidance of G-20, OECD (Organisation for Economic Co-operation and Development) and other global organisations.

After resuming office in 2014, the Modi government has taken various steps to curb black money. The government has constituted a Special Investigation Team (SIT) to combat the back black money menace in both overseas and domestic domain. The government has enacted a black money law, amended the anti-money laundering Act and given compliance windows for people to declare their hidden assets.

According to reports, the Income Tax Department detected over Rs 13,000 crore black money post investigations on global leaks about Indians stashing funds abroad and launched prosecution against hundreds of entities, including those with accounts in Geneva branch of HSBC.

The tax department had detected Rs 8,186 crore of undisclosed income against those whose names figured in the HSBC list. Of the total 628 cases under this list, the I-T Department got “actionable” evidence in 415 cases, of which assessments have been completed in 398 cases.

The Enforcement Directorate (ED) has started taking action, including seizure of properties, of those named in the HSBC list under a new clause in the Foreign Exchange Management Act (FEMA).

Share This Post With Your Friends & Fans:
We need your support to survive in the media industry. Please consider paying us for the content we produce:

To know more about these payments, please click here.


Election 2019 Final Tally

Check the final seat tally and other post election coverage

Advertisement

Smriti Irani’s aide in Amethi shot dead, his son says some Congress workers were not happy with BJP’s ‘Vijay Yatra’

Smriti Irani had defeated Rahul Gandhi on his home turf of Amethi in Uttar Pradesh by a margin of 55,120 votes

Left has failed, but the ‘Right’ does not understand Modi as well

With the left looking irrelevant, the right needs to get its act together.

Meerut: Communal tension after a video showing Muslim men beating up shopkeepers goes viral

A viral video where Muslim men are beating up a shopkeeper has triggered communal tensions in Meerut

Rajdeep Sardesai thinks Narendra Modi should thank Masood Azhar, among others, for BJP’s victory

As a long term Congress loyalist media person, Rajdeep Sardesai is yet to come to terms that Modi won a second term with thumping majority
NYT peddles Modi 2.0 as victory of India's most divisive leader

Dear New York Times, India has chosen Modi 2.0, deal with it

When India gives a thumping, unprecedented, overwhelming victory to a man who has made every single Indian feel proud of their nation and heritage, the NYT's heartburn is expected. 

A tribute to OpIndia’s fallen star

On 13th May 2019, Devandhu Rajput succumbed to cancer.

Rahul Gandhi upset that senior Congress leaders didn’t shout ‘Chowkidar Chor Hai’ enough, lashes out on them for party’s defeat

Amusingly, though Rahul Gandhi had indeed offered to resign, the CWC, that is chaired by himself, had unanimously rejected the resignation and asked him to reconstruct the party

Journalist wants to ‘crowdfund’ a parallel parliament so that Atishi Marlena can become an MP

The 'neutral media' meltdown seems to have reached its peak after AAP's Atishi Marlena came in third in East Delhi Lok Sabha seat
Rana Ayyub uses the 2015 murder of Akhlaq to peddle fear and victimhood for Muslims, ignores Hindus killed for their religion

PM Modi, I am a Charvaka Indian liberal, and this is my wish list

An atheist Indian liberal writes to PM Modi on what he wishes for in the next five years
Subscribe to Day's Top Stories
- Advertisment -

Latest articles

Connect with us

165,224FansLike
143,811FollowersFollow
65,653SubscribersSubscribe
Share This Post With Your Friends & Fans: