Press Esc to close
Wednesday 28 June 2017
News updated at 5:45 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
An Iraqi special forces soldier walks by a damaged house during fighting...

An Iraqi special forces soldier walks by a damaged house during fighting...

Prime Minister Narendra Modi meeting the Prime Minister of Netherlands...

Prime Minister Narendra Modi meeting the Prime Minister of Netherlands...

Uttar Pradesh Chief Minister Yogi Aditiyanath shaking hands with Takehiko Nakao...

Uttar Pradesh Chief Minister Yogi Aditiyanath shaking hands with Takehiko Nakao...

Zoo workers carry the carcass of 11-year old Royal Bengal tiger Lachit...

Zoo workers carry the carcass of 11-year old Royal Bengal tiger Lachit...

Rescue workers underway to save the five-year-old boy Mangesh Jadhav...

Rescue workers underway to save the five-year-old boy Mangesh Jadhav...

England's Natalie Sciver plays a shot against Pakistan during the ICC...

England's Natalie Sciver plays a shot against Pakistan during the ICC...

Indian boxer Vijendra Singh and Chinese boxer Zulpikar Miamiatiali...

Indian boxer Vijendra Singh and Chinese boxer Zulpikar Miamiatiali...

A gray heron (Ardea cinerea) stands next to a pond and...

A gray heron (Ardea cinerea) stands next to a pond and...

A vehicle wades through a waterlogged road...

A vehicle wades through a waterlogged road...

A lightning strikes near the Heilig Kreuz church...

A lightning strikes near the Heilig Kreuz church...

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.