Money deposited in Swiss bank jumps above 50% to Rs 6,900+ crore (~) in 2017, the Bank’s annual report revealed it on Thursday. Considering the rise in the money retained by Indian clients, the total funds deposited by all clients across the globe flew to 3%.
The rise in Indian funds in the year 2017 turned a descending drift in such a way that it restored the fate of funds after the year 2014 – this was acquired regardless of the government operations to expel the black money rise.
In December 2017, India and Switzerland endorsed an agreement that allows the countries to rake-off tax-related information from the year 2018. They both signed a joint proclamation on the initiation of Exchanging Information on tax-related that decrees Switzerland to adhere to the global standards. It would start in September 2019.