In the latest reveal, it has been reported that the funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to 2.55 billion Swiss francs (over??20,700 crore) in 2020.?
It comes on the back of a sharp surge in holdings via securities and similar instruments, though customer deposits fell, annual data from Switzerland's central bank showed on Thursday.
The increase in aggregate funds of Indian clients with Swiss banks, from 899 million Swiss francs (??6,625 crore) at the end of 2019, reverses a two-year declining trend and has taken the figure to the highest level in 13 years.??
The news if anything, has given desis a reason to make merry with hilarious memes. Some are even reminding?Prime Minister Narendra Modi of the 'Rs 15 lakh in every back account' promise he made in 2014.
Here are some of the reactions to the development:?
People?aren't ready to let Modi forget his promise. If not the money, memes will do for now.?
Meanwhile, UK topped the charts for foreign clients' money in Swiss banks at CHF 377 billion, it was followed by the US (CHF 152 billion) at the second spot -- the only two countries with 100-billion-plus client funds.
Others in the top 10 were West Indies, France, Hong Kong, Germany, Singapore, Luxembourg, Cayman Islands and Bahamas.
India was placed at 51st place, ahead of countries like New Zealand, Norway, Sweden, Denmark, Hungary, Mauritius, Pakistan, Bangladesh and Sri Lanka.
Also read:?Elderly Woman Ordered To Pay Penalties & Tax Over Undisclosed Swiss Bank Account Of Rs 196 Crore