Press Esc to close
Monday 16 January 2017
News updated at 8:09 PM IST
Weather
Max: 27.6°C
Min : 15.5°C
In Bengaluru
Sunny day

Indians' money in Swiss banks dips to record low at Rs 9k cr

Zurich/New Delhi, June 20, 2013, PTI:
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 Swiss National Bank (SNB) in Zurich on Thursday.

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 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.

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.

 

Go to Top

Photo Gallery
BJP President Amit Shah welcomes former Congress leader Yashpal Arya after he was inducted into BJP

BJP President Amit Shah welcomes former Congress leader Yashpal Arya after he was inducted into BJP

People walk under their umbrellas on snow covered road after fresh heavy snowfall in Shimla on ...

People walk under their umbrellas on snow covered road after fresh heavy snowfall in Shimla on ...

A camel performs during the ongoing 24th International Camel Festival in Bikaner on Sunday...

A camel performs during the ongoing 24th International Camel Festival in Bikaner on Sunday...

Art lovers thronging Chitra Santhe organised by Karnataka Chitrakala Parishat on Kumara Krupa...

Art lovers thronging Chitra Santhe organised by Karnataka Chitrakala Parishat on Kumara Krupa...

Large number of art lovers visiting the 14th annual art fair 'Chitra Sante' organized...

Large number of art lovers visiting the 14th annual art fair 'Chitra Sante' organized...

A large number of tourists throng Mysuru Palace as weekend holidays and Mysuru Zoo remain closed...

A large number of tourists throng Mysuru Palace as weekend holidays and Mysuru Zoo remain closed...

People walk on a snow covered road following heavy snowfall at Kandi Area in Budhal, Rajouri...

People walk on a snow covered road following heavy snowfall at Kandi Area in Budhal, Rajouri...

Students make a rangoli to aware people on voting in Moradabad on Sunday...

Students make a rangoli to aware people on voting in Moradabad on Sunday...

ABVP activists run with the Tricolours at an event ahead of Republic Day on the outskirts ...

ABVP activists run with the Tricolours at an event ahead of Republic Day on the outskirts ...

Army Chief Gen Bipin Rawat inspecting the guard of honour during the Army Day parade in New Delhi...

Army Chief Gen Bipin Rawat inspecting the guard of honour during the Army Day parade in New Delhi...

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