India’s deposit in Swiss banks rise 50% to Rs.70 BN

The deposits of Indian citizens in Swiss banks rose over 50% to CHF 1.01billion (Rs.70billion) in 2017, reversing a three year downward trend amid India’s clampdown on suspected black money stashed there.

In comparison the total fund held by all foreign clients of Swiss banks rose about 3% to CHF 1.46 trillion or about Rs 100 trillion in 2017, according to the official annual data released by Swiss National Bank.