Money parked by Indians in Switzerland’s banks nearly halved to 676 Swiss francs (about Rs4,500 crore) in 2016 to hit a record low amid a continuing clampdown on the suspected black money stashed behind their famed secrecy walls.
In comparison, the total funds held by all foreign clients of Swiss banks somewhat rose to CHF 1.42 trillion or about Rs96 lakh crore (from CHF 1.41 trillion a year ago).
The total funds held by Indians directly with Swiss banks stood at CHF 664.8 million at the end of 2016, while the same held through fiduciaries was nearly USD 11 million, as per the latest data published today by the country’s central banking authority SNB (Swiss National Bank).
The total money of Indians fell by 45 per cent during 2016 to CHF 675.75 million, marking the biggest ever yearly decline in such funds.
