Indians stashed away 1.01 billion Swiss francs, about Rs 7,000 crore, in Swiss banks in 2017, reversing the downward trend seen over the last three years.

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Swiss National Bank (SNB) data shows that the money parked by Indians in the Swiss banks have increased by over 50% in 2017.

The overall money held in Swiss banks by foreign clients across the globe rose by only 3% to 1.46 trillion swiss francs (about Rs 1,00,00,000 crore) during the same time.

The SNB data also reveals that around 999 million swiss francs of the 1.01 billion swiss francs were held directly by Indians in the Swiss banks, whereas the remaining funds were held through fiduciaries accounts such as wealth managers.

Money parked by Indians in the Swiss banks was showing a downward trend for three-years until 2017. This sudden rise in the money stashed in Swiss Banks also comes as a surprise in the midst of Indian government’s blistering crackdown on ‘black money’.

Though all of the funds parked in Swiss Banks cannot be qualified as black money, it is a reliable indicator to assess the quantum of black money from India stashed abroad.

India is now placed at the 73rd position by the quantum of money parked in the Swiss banks, a sharp fall from the 61st position in the same list, a year before.

However, it is a considerable improvement from 2004, when India was ranked at 37.

India also has the lowest rank among BRICS nations. South Africa follows India at 67th place. Brazil, Russia and China are at 61st, 23rd and 20th place respectively.

First Published:Jul 2, 2018 7:37 PM IST