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Despite claims, black money rises abroad
Despite Government claims of taking effective steps to bring down black money stashed away abroad, the illegal wealth accumulation in Swiss bank by the Indians has shown a rise after a decline between 2006 and 2010.
According to data released by Swiss National Bank (SNB), the quantum of money held by Indians in the Swiss banking system rose for the first time in five years during 2011.
A PTI report said that Indians’ money in Swiss banks account for a 0.14 per cent of total foreign wealth deposited there — putting India at 55th place globally for such funds.
While the funds belonging to Indians rose by about `3,500 crore last year, the total foreign money there rose by about `2 lakh crore.
But these figures, described by SNB as ‘liabilities’ of Swiss banks towards their clients from various countries, do not reveal the quantum of the much-debated alleged black money held by Indians or other nationals.
Despite Government claims of taking effective steps to bring down black money stashed away abroad, the illegal wealth accumulation in Swiss bank by the Indians has shown a rise after a decline between 2006 and 2010.
According to data released by Swiss National Bank (SNB), the quantum of money held by Indians in the Swiss banking system rose for the first time in five years during 2011.
A PTI report said that Indians’ money in Swiss banks account for a 0.14 per cent of total foreign wealth deposited there — putting India at 55th place globally for such funds.
While the funds belonging to Indians rose by about `3,500 crore last year, the total foreign money there rose by about `2 lakh crore.
But these figures, described by SNB as ‘liabilities’ of Swiss banks towards their clients from various countries, do not reveal the quantum of the much-debated alleged black money held by Indians or other nationals.
