Press Esc to close
Thursday 27 April 2017
News updated at 4:24 PM IST

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

Zurich/New Delhi, Jun 20, 2013 (PTI) 18:49 IST
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
Priyanka Chopra at a promotional event for her upcoming film ‘Baywatch’ in Mumbai on Wednesday...

Priyanka Chopra at a promotional event for her upcoming film ‘Baywatch’ in Mumbai on Wednesday...

Maria Sharapova at a training session at the WTA Porsche Tennis Grand Prix in Stuttgart, Germany...

Maria Sharapova at a training session at the WTA Porsche Tennis Grand Prix in Stuttgart, Germany...

A cake weighing 30 kg is cut as part of celebrations outside BSE as Sensex ended above the...

A cake weighing 30 kg is cut as part of celebrations outside BSE as Sensex ended above the...

Family members of CRPF jawan Naresh Yadav, mourn in Darbhanga on Wednesday. He was martyred in...

Family members of CRPF jawan Naresh Yadav, mourn in Darbhanga on Wednesday. He was martyred in...

Soldiers of the Arctic motorised rifle brigade of Russia's Northern Fleet stand near APCs...

Soldiers of the Arctic motorised rifle brigade of Russia's Northern Fleet stand near APCs...

Blossoming apple trees are covered in snow near Altenstadt, Germany...

Blossoming apple trees are covered in snow near Altenstadt, Germany...

A watermelon vendor takes a nap on a hot day in Chennai on Wednesday...

A watermelon vendor takes a nap on a hot day in Chennai on Wednesday...

A boy jumps into the river Ganga to beat the heat in Kolkata on Wednesday...

A boy jumps into the river Ganga to beat the heat in Kolkata on Wednesday...

A newly-built aircraft carrier is transferred from dry dock into the water at a launch ceremony...

A newly-built aircraft carrier is transferred from dry dock into the water at a launch ceremony...

U.S. Army's M1 A2 tanks fire during the South Korea-U.S. joint military live-fire drills...

U.S. Army's M1 A2 tanks fire during the South Korea-U.S. joint military live-fire drills...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523
Powered by Yodasoft Technologies Pvt. Ltd.