The timing in the shift of destination coincides with Switzerland agreeing to share data of Indians holding Swiss bank accounts with the Indian government.
Indian offshore money in South Korea, which includes non-bank corporate deposits and individual deposits, shot up by 900 percent to $904 million by 2018-end, Bank of International Standards (BIS) data showed.
In 2017, Indians held a mere $1 million in the Southeast Asian country and from 2014-17 Indians barely held a cumulative of $4 million there, a report by Business Standard pointed out.
But, from January to April 2018, deposits in South Korea rose to over $600 million. This climbed to $800 million from April to July; and surged by another $100 million in the September to December period.
The BIS data also showed that Indians held $85 million in Swiss banks in 2018, a steep nosedive from $347 million in 2014. The United Kingdom saw the highest inflows from Indians at $2.7 billion in 2018.
The report further said that the timing in the shift of destination coincided with Switzerland agreeing to share data of Indians holding Swiss bank accounts with the Indian government.
South Korea’s cryptocurrency boom in H2 FY17 may have made it a universally attractive destination as deposits into the country from across the world doubled in 2018 from $19 billion to $37 billion, it noted.Other destinations include which saw deposits peak included Hong Kong, which saw $1.4 billion in 2015, only to plateau to $600 million in 2018, Isle of Man and Jersey.Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months at 289. Use code FREEDOM.