Press Esc to close
Sunday 05 July 2015
News updated at 3:12 AM IST
Weather
Max: 33°C
Min : 21°C
In Bengaluru
Rain lightly

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
Kalari Academy of performing Arts students presenting Kalaripayattu...

Kalari Academy of performing Arts students presenting Kalaripayattu...

Actor Prakash Rai at a photography exibition on Tigers in Bengaluru on Saturday...

Actor Prakash Rai at a photography exibition on Tigers in Bengaluru on Saturday...

Sky Diving Demo in Chennai...

Sky Diving Demo in Chennai...

Cadets of officers Training Academy performing free fall para jumping from AN 32 Aircraft...

Cadets of officers Training Academy performing free fall para jumping from AN 32 Aircraft...

Villagers cross Rambi Ara River...

Villagers cross Rambi Ara River...

British Grand Prix 2015...

British Grand Prix 2015...

Derailed coaches of a goods train after collision with a truck in Purulia district in West Bengal...

Derailed coaches of a goods train after collision with a truck in Purulia district in West Bengal...

Stray cows jumped the barricade to eat the grass in front of Vidhana Soudha in Bengaluru...

Stray cows jumped the barricade to eat the grass in front of Vidhana Soudha in Bengaluru...

Labourers extract sand from the Jhelum River in Srinagar on Saturday....

Labourers extract sand from the Jhelum River in Srinagar on Saturday....

Bollywood actor Salman Khan with singer Mika Singh during the launch of an Eid song...

Bollywood actor Salman Khan with singer Mika Singh during the launch of an Eid song...

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