Press Esc to close
Sunday 22 January 2017
News updated at 2:48 AM IST
Weather
Max: 28.9°C
Min : 15.3°C
In Bengaluru
Sunny day

Indian money in Swiss banks dips to record low at Rs 9,000 cr

Zurich/New Delhi, Jun 20, 2013 (PTI)
File image Reuters
Indians' money in Swiss banks has fallen to a record low level of about Rs 9,000 crore (1.42 billion Swiss francs), as a global clampdown against the famed secrecy wall of Switzerland banking system made it unattractive for their global clients.

The total funds held by Indian individuals and entities included 1.34 billion Swiss francs held directly by Indian individuals and entities, and another 77 million Swiss francs through 'fiduciaries' or wealth managers at the end of 2012, as per the latest figures released by the Swiss National Bank (SNB) in Zurich today.

The official data, which forms part of SNB's annual report on Swiss banks, further showed that Indians' money there fell by about 35 per cent or Rs 4,900 crore in 2012.

This was much steeper than a 9.1 per cent fall in the funds held by entities from across the world in Swiss banks, which also hit an all-time low of 1.4 trillion Swiss francs (USD 1.5 trillion) at the end of 2012.

While the Swiss banks had close to Rs 14,000 crore (2.18 billion Swiss francs) of Indians' money at the beginning of 2012, the equivalent figure for entities from across the world stood at 1.5 trillion Swiss francs (USD 1.65 trillion).

The data has been released at a time when Switzerland is facing growing pressure from the US and other countries to share the foreign client details, while its own lawmakers are resisting such measures.

The funds, described by SNB as 'liabilities' of Swiss banks towards their clients from India, are the official figures disclosed by the Swiss authorities and do not indicate towards the quantum of the much-debated alleged black money held by Indians in the safe havens of Switzerland.

SNB's official figures do not include the money that Indians or others might have in Swiss banks in the names of others.

 

Go to Top

Photo Gallery
Youngstres and Students during the protest to Lift ban on jallikattu and impose ban on PETA...

Youngstres and Students during the protest to Lift ban on jallikattu and impose ban on PETA...

Hot air balloons fly during the 39th International Hot Air Balloon Week in Switzerland...

Hot air balloons fly during the 39th International Hot Air Balloon Week in Switzerland...

An Iranian firefighter removes debris of the Plasco building which was engulfed by a fire...

An Iranian firefighter removes debris of the Plasco building which was engulfed by a fire...

Indian film director and classical dancer, Aishwarya Rajinikanth Dhanush at the Jaipur...

Indian film director and classical dancer, Aishwarya Rajinikanth Dhanush at the Jaipur...

The cast of Kung Fu Yoga, from left, Miya Muqi, Disha Patani, Jackie Chan, Amyra Dastur...

The cast of Kung Fu Yoga, from left, Miya Muqi, Disha Patani, Jackie Chan, Amyra Dastur...

Women take part in the #IWillGoOut rally, to show solidarity with the Women's March in Washington...

Women take part in the #IWillGoOut rally, to show solidarity with the Women's March in Washington...

Archaeological Survey of India workers conducting restoration work at Taj Mahal in Agra...

Archaeological Survey of India workers conducting restoration work at Taj Mahal in Agra...

Military Police Daredevils perform during a rehearsal for the Republic Day parade at Rajpath...

Military Police Daredevils perform during a rehearsal for the Republic Day parade at Rajpath...

An Olive-backed Sunbird feeds its two babies insects in their nest in Klang, Selangor, Malaysia...

An Olive-backed Sunbird feeds its two babies insects in their nest in Klang, Selangor, Malaysia...

Winner of Oriflame Face of North-East-2017 Michelle Kynta (M), 1st runner up Anjusha Saikia...

Winner of Oriflame Face of North-East-2017 Michelle Kynta (M), 1st runner up Anjusha Saikia...

Like us on Facebook

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523