India has slipped to the 88th place in terms of money parked by its citizens with Swiss banks, while the UK remains on top.
Also, the money officially held by Indians with banks in Switzerland now accounts for a meagre 0.04% of the total funds kept by all foreign clients in the Swiss banking system, as per an analysis of the latest figures compiled by the SNB (Swiss National Bank) as of 2016-end.
India was at the 75th position in 2015, and at 61st in the year before that, though it used to be among the top-50 countries in terms of holdings in Swiss banks till 2007. The country was ranked highest at 37th place in 2004.
The latest data from Zurich-based SNB comes ahead of a new framework for automatic exchange of information between Switzerland and India to help check black money.
The funds, described by SNB as ‘liabilities’ of Swiss banks or ‘amounts due to’ their clients, are the official figures disclosed by the Swiss authorities and do not indicate the quantum of the much-debated black money held by Indians in the safe havens of Switzerland.
SNB’s official figures also do not include the money that Indians, NRIs or others might have in Swiss banks in the names of entities from different countries.
Published 02 July 2017, 17:49 IST