The attempt of the Modi government against black money has been a big success. The result of the government’s effort is that the money deposited in the Swiss banks by Indians has remained almost halfway in 2016. This amount is now 67.6 million Swiss francs (about 4500 crore rupees). In this way the deposited funds in these confidential accounts have come down to their record level. A year ago, the amount was 1,410 billion Swiss francs (about Rs 9,500 crore). Significantly, the deposit amount of Indians in Swiss banks has declined for the third consecutive year. This information was given in the latest figures released by Switzerland’s central banking authority Swiss National Bank on Thursday.
Swiss deposits directly in Swiss banks declined to 66.48 million Swiss francs in the current year. There is a whopping money kept in the end of 2016, with the 11 million Swiss francs. However, the total wealth kept by all foreign customers in these Swiss banks has increased marginally to 1420 billion Swiss francs, which is approximately 96 lakh crore rupees.
Down 45 percent in 2016
The total wealth of Indians in Swiss banks declined by 45 percent in 2016 and it was 67.575 million Swiss franc CHF. This way the biggest annual drop in this wealth has been recorded. In the said amount 37.7 million Swiss francs as customer deposits, about 9.8 million rupees are in the form of amorphous amount and 19 million Swiss francs as other liabilities. According to the SNB data, the decline in the amount was recorded in all categories last year.
The biggest fall after 30 years
This is the biggest annual fall since 1987, in the deposited amount of Indians in Swiss bank accounts. As of 2007, the amount kept in property managers or inanimate forms was in billions of dollars, but there has been a steady decline among the fears of regulatory action. At the end of the year 2006, Indians accounted for 6.5 billion Swiss francs 23,000 crores in Swiss bank accounts. Within a decade this amount has been reduced to almost a tenth.
However, the above figure of SNB does not give any sign of alleged black money deposited in Swiss banks. It also does not include the amount that Indians, NRIs and others have deposited in the name of companies of different countries. In the meantime, the amount deposited in Swiss banks by Pakistani nationals has decreased marginally to 1,400 billion Swiss francs (about Rs 9,500 crore) in 2016, but this amount is more than the deposits of Indians.