Money parked by Indians in Swiss banks increased by 50% in 2021 ...Middle East

Funds parked by Indians in Swiss banks increased for the second straight year in 2021, reaching the highest in 14 years.The cumulative value of customer deposits, securities, and other financial instruments was more than 30,500 crore rupees ($3.95 billion), according to data from the Swiss National Bank (SNB). The figure stood at over Rs20,500 crore in 2020. Savings or deposit accounts of Indian customers showed a rise to a seven-year high of about Rs4,800 crore, reversing a two-year declining trend.In recent years, tax fraud and black money have been key talking points among Indians.Read the rest of this story on qz.com. Become a member to get unlimited access to Quartz’s journalism.

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