Press Esc to close
Monday 26 January 2015
News updated at 9:44 PM IST
Weather
Max: 26°C
Min : 18°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
India's BSF 'Daredevils' motorcycle riders perform stunts as they take part during Republic Day...

India's BSF 'Daredevils' motorcycle riders perform stunts as they take part during Republic Day...

Make in India tableau on display during the 66th Republic Day parade at Rajpath...

Make in India tableau on display during the 66th Republic Day parade at Rajpath...

Prime Minister Narendra Modi paying homage at Amar Jawan Jyoti during the 66th Republic Day...

Prime Minister Narendra Modi paying homage at Amar Jawan Jyoti during the 66th Republic Day...

Pranab Mukherjee with Obama and Modi during an At-Home reception...

Pranab Mukherjee with Obama and Modi during an At-Home reception...

BSF officials perform during the 66th Republic Day Celebration at Attari Border in Amritsar...

BSF officials perform during the 66th Republic Day Celebration at Attari Border in Amritsar...

Illuminated Raisina Hill on the occasion of Republic Day in New Delhi...

Illuminated Raisina Hill on the occasion of Republic Day in New Delhi...

Amit Shah, Sonia Gandhi, Venkaiah Naidu and others using umbrellas as it rains...

Amit Shah, Sonia Gandhi, Venkaiah Naidu and others using umbrellas as it rains...

Mechanised columns on display during the 66th Republic Day parade at Rajpath...

Mechanised columns on display during the 66th Republic Day parade at Rajpath...

A view shows Indian Army soldiers marching past the India Gate during the Republic Day...

A view shows Indian Army soldiers marching past the India Gate during the Republic Day...

Navy's women contingent marches during the 66th Republic Day Celebration...

Navy's women contingent marches during the 66th Republic Day Celebration...

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