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