India’s stand on cleaning the black money gets a setback when the annual data was released by the higher officials of Swiss National Bank (SNB). The reports said that Indian Currency parked in the Swiss bank rose to 50% and reaches to CHF 1.01 billion (Rs 7,000 crore) in 2017.
The data released came as a surprise for the government’s claim on suspected black money in abroad including in the bank of Switzerland. As per the data, the total money held by the Indians in the Swiss bank rose to 900 million Swiss franc while it was just CHF 664.8 million in 2016.
The total figure of 900 million includes CHF 464 million in the form of customer deposits, CHF 383 million as other liabilities such as securities and CHF 152 million through the other bank at the end of 2017.
This is the third time when there has been a rise in Indian currency in Swiss bank. It was 12% hike in 2011, 43% rise in 2013 and 50.2% rise in 2017 which is the highest figure recorded since 2004 (56%).
The latest report came as a result of the recent framework set for the automatic exchange of information between Switzerland and India to curb the black money menace.
While Switzerland have started sharing client details on the wrongdoing by India and other countries, it has also agreed to sign a new pact with India for the automatic information exchange.
A decline was seen in the Indian money in the Swiss money over the previous three years as a result of which it was believed that Indians have shifted their money to other locations after a global crackdown.
Earlier, the Supreme Court had constituted a special investigation team (SIT) to probe the illegal money placed in abroad followed by which several step like new law of enactment, amendments in Anti-money laundering Act and compliance windows for people to declare their hidden assets were taken.