Money parked by Indians in Swiss banks rose over 50 per cent to CHF 1.01 billion (Rs 7,000 crore) in 2017, reversing a three-year downward trend amid India's clampdown on suspected black money stashed there.

Indian money in Swiss banks saw 50 per increase to Rs 7,000 crore, while Pakistanis hold Rs 7,700 crore in the banks across the Alpine nation. Pakistanis deposits, however, fell a record fall of 21 per cent in 2017.

Goyal said India and Switzerland have signed a pact under which the Alpine nation would share the details with India. He also said it should not be assumed that all the money deposited in the Swiss banks is illegal transactions.

The surge in Indian money held with Swiss banks comes as a surprise given India's continuing clampdown on suspected black money stashed abroad, including in banks of Switzerland that used to be known for their famed secrecy walls for years.

Climate change could eat into India's GDP, hurt living standards, says World BankClimate change could cost India 2.8 per cent of GDP, and depress living standards of nearly half of its population by 2050, as average annual temperatures are expected to rise by 1-2 per cent over three decades, a World Bank report today said. If no measures are taken, average temperatures in India are predicted to increase by 1.5-3 degrees, said the World Bank report titled 'South Asia's Hotspots: Th...

In comparison, the total funds held by all foreign clients of Swiss banks rose about 3 per cent to CHF 1.46 trillion or about Rs 100 lakh crore in 2017, according to the official annual data released today by Swiss National Bank (SNB).

The Economic Survey tabled in Parliament by the Union Minister for Finance and Corporate Affairs, Arun Jaitley has predicted India's GDP to grow 7 - 7.5 percent in 2018-19, an increase from its prediction of 6.75 percent growth this fiscal.

Paving the way for India to get instant access to details on Indians with Swiss accounts, a key parliamentary panel in Switzerland has approved an automatic information exchange pact between the two countries.

The plush London residence of fugitive billionaire Vijay Mallya called Lady Walk was bought using the Indian tax payer's money routed through companies located in the UK, Britain's Serious Fraud Office has discovered.

Switzerland found India's data security and confidentiality laws \"adequate\" for entering into an automatic exchange of information pact, which will open a continuous access to details about alleged black money hoarders in once-all-secret Swiss banks.

General insurers are aggressively tapping into the new crop insurance business subsidised by the government for farmers, but the risk could be huge

This is the lowest amount of funds held by Indians in the Swiss banks ever since the Alpine nation began making the data public in 1987.

As debt hits Rs 1.38 lakh crore, the Ruias are looking to recast the group once again.

Under its local rules, Switzerland provides a final chance to the concerned persons and entities before sharing the information about suspected cases of tax crimes with any foreign jurisdiction.

Stepping up its hunt for black money stashed abroad, India has approached Switzerland for banking details of at least ten persons and entities suspected to have kept untaxed money in Swiss banks.

Stepping up its efforts to trace black money parked abroad, India has shot off at least 20 'administrative assistance' requests to Switzerland in recent months seeking details of Indians suspected to have misused Swiss banks' famed high-secrecy walls to evade taxes.

In a big step towards fighting black money stashed overseas, Switzerland on Tuesday agreed to automatic sharing of information with India on Swiss bank accounts of Indians as of September 2018 and onwards.

Political parties have questioned the abrupt move and askedthe government to bring back black money stashed in foreign countries insteadof harassing poor people here in India.

Money held by Indians in Swiss banks has fallen by nearly one-third to a record low of 1.2 billion franc (about Rs 8,392 crore) amid a continuing global clampdown on the famed secrecy wall of Switzerland's banking system.