Black money of India in Asian banks and swiss bank

The wealth of Indians being deposited abroad has been increasing rapidly and people have now changed their preferred bank location from swiss bank to Asian bank. By the year 2015, Indians had deposited Rs 4 lakh crore in foreign banks. This is revealed by data released by the Bank of International Settlements (BIS). The amount deposited by Indians in foreign accounts is approximately 3% of GDP of the country in 2015.

Data from BIS also revealed that from 2007 to 2015, Indians' wealth accumulated abroad increased by 90 per cent. The most surprising thing in BIS's data is that now Indians are looking to keep their money in Asian tax havens instead of Swiss banks. In Asian tax hawens like Hong Kong, Singapore, Macau, Malaysia, Indians have deposited 53 percent of the total amount deposited in overseas banks. In Swiss Bank, only 31% of the money was deposited in 2015.

Considering these figures, it is easy to understand that a major portion of the government's focus on the Swiss banks is to be hidden in Asian Tax Havens. Due to the pressure of countries around the world in the last few years, Switzerland has become transparent about the rules for depositing money in their banks.