Indian money in foreign banks
(→The relative ranks of China, India and Pakistan) |
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The official data, which forms part of SNB’s annual report on Swiss banks, further showed that the Indians’ money there fell by about 35% or Rs 4,900 crore in 2012. This was much steeper than a 9.1% 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 ($1.5 trillion) at the end of 2012. PTI | The official data, which forms part of SNB’s annual report on Swiss banks, further showed that the Indians’ money there fell by about 35% or Rs 4,900 crore in 2012. This was much steeper than a 9.1% 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 ($1.5 trillion) at the end of 2012. PTI | ||
| − | ==The relative ranks of China, India and Pakistan== | + | ==2012: The relative ranks of China, India and Pakistan== |
Swiss money: India slips to 70th position; UK on top | Swiss money: India slips to 70th position; UK on top | ||
Sri Lanka Swiss banks | Sri Lanka Swiss banks | ||
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The latest official data released by Switzerland's central bank shows that the money they owed to Indian clients at the end of 2012 was 1.42 billion Swiss francs (about Rs 9,000 crore). | The latest official data released by Switzerland's central bank shows that the money they owed to Indian clients at the end of 2012 was 1.42 billion Swiss francs (about Rs 9,000 crore). | ||
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ZURICH/ NEW DELHI: India has slipped to 70th position in terms of foreign money lying with the Swiss banks and accounts for a meagre 0.10 per cent of total global wealth held in the Switzerland banking system. | ZURICH/ NEW DELHI: India has slipped to 70th position in terms of foreign money lying with the Swiss banks and accounts for a meagre 0.10 per cent of total global wealth held in the Switzerland banking system. | ||
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The major countries ranked among the top-25 include include Singapore, Japan, Italy, Australia, Russia, Netherlands, Saudi Arabia and Cyprus. Besides, China was ranked 26th, Canada 28th, Brazil at 39th and South Africa at 50th. India's neighbouring country Pakistan was also ranked one place higher at 69th, although countries like Mauritius, and Sri Lanka are positioned below India. | The major countries ranked among the top-25 include include Singapore, Japan, Italy, Australia, Russia, Netherlands, Saudi Arabia and Cyprus. Besides, China was ranked 26th, Canada 28th, Brazil at 39th and South Africa at 50th. India's neighbouring country Pakistan was also ranked one place higher at 69th, although countries like Mauritius, and Sri Lanka are positioned below India. | ||
| + | =2013: Rise in Indian deposits= | ||
| + | ''' Indian money in Swiss banks rises to over Rs 14,000 crore ''' | ||
| + | |||
| + | [http://timesofindia.indiatimes.com/india/Indian-money-in-Swiss-banks-rises-to-over-Rs-14000-crore/articleshow/36824697.cms PTI ]| Jun 19, 2014 | ||
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| + | ZURICH/NEW DELH: Indians' money in Swiss banks has risen to over two billion Swiss francs (nearly Rs 14,000 crore), despite a global clampdown against the famed secrecy wall of Switzerland banking system. | ||
| + | |||
| + | The funds held by Indians with banks in Switzerland rose by over 40% during 2013, from about 1.42 billion Swiss francs at the end of previous year, as per the latest data released today by the country's central banking authority Swiss National Bank (SNB). | ||
| + | |||
| + | In contrast, the money held in Swiss banks by their foreign clients from across the world continued to decline and stood at a record low of 1.32 trillion Swiss francs (about $1.56 trillion or over Rs 90 lakh crore) at the end of 2013. | ||
| + | |||
| + | During 2012, the Indians' money in Swiss banks had fallen by over one-third to a record low level. | ||
| + | |||
| + | The total Indian money held in Swiss banks included 1.95 billion Swiss francs held directly by Indian individuals and entities, and another 77.3 million Swiss francs through 'fiduciaries' or wealth managers at the end of 2013. | ||
| + | |||
| + | India has constituted a Special Investigation Team (SIT) to probe cases of alleged black money of Indians, including funds stashed abroad in places like Switzerland. | ||
| + | |||
| + | 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 towards the quantum of the much-debated alleged black money held by Indians in the safe havens of Switzerland. | ||
| + | |||
| + | SNB's official figures also do not include the money that Indians or others might have in Swiss banks in the names of entities from different countries. | ||
| + | |||
| + | There are a total of 283 banks in Switzerland, down from nearly 300 at the beginning of 2013. This include two banks (UBS and Credit Suisse) classified as big banks, while there are 93 foreign-controlled banks operating in the country. A total of close to 1.25 lakh staff work at these banks. | ||
| + | |||
| + | With regard to the money held by Indians in Swiss banks, it rose during 2013 after a sharp decline in 2012. Prior to that, Indian money in Swiss banks had risen during 2011 also. | ||
| + | |||
| + | The quantum of Indian funds in Swiss banks stood at a record high level of 6.5 billion Swiss francs at the end of 2006, but it declined by more than 4 billion Swiss francs after four straight years of fall till 2010. | ||
[[Indian money in Swiss banks]] | [[Indian money in Swiss banks]] | ||
[[Indian money in Liechtenstein banks]] | [[Indian money in Liechtenstein banks]] | ||
[[Sri Lankan money in Swiss banks]] | [[Sri Lankan money in Swiss banks]] | ||
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Revision as of 20:09, 20 June 2014
This is a collection of newspaper articles selected for the excellence of their content. |
2012: sharp decline
At 9,000cr, Indian money in Swiss a/cs at record low
Zurich/New Delhi: 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 wall of secrecy of the Switzerland banking system made it unattractive for their international 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.
The official data, which forms part of SNB’s annual report on Swiss banks, further showed that the Indians’ money there fell by about 35% or Rs 4,900 crore in 2012. This was much steeper than a 9.1% 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 ($1.5 trillion) at the end of 2012. PTI
2012: The relative ranks of China, India and Pakistan
Swiss money: India slips to 70th position; UK on top Sri Lanka Swiss banks PTI | Jun 23, 2013,
The latest official data released by Switzerland's central bank shows that the money they owed to Indian clients at the end of 2012 was 1.42 billion Swiss francs (about Rs 9,000 crore).
ZURICH/ NEW DELHI: India has slipped to 70th position in terms of foreign money lying with the Swiss banks and accounts for a meagre 0.10 per cent of total global wealth held in the Switzerland banking system.
While the UK continues to account for the largest chunk of such funds, India has now slipped lower to 70th position -- the lowest rank among all major economies of the world, shows an analysis of annual data released by Swiss National Bank (SNB) on all the banks present in the European country. India was ranked 55th for such funds a year ago with a total amount of 2.18 billion Swiss francs belonging to the Indian individuals. Among the top-ten jurisdictions in terms of source of money with Swiss banks, the UK is now followed by the US, West Indies, Jersey, Guernsey, Germany, France, Bahamas, Cayman Islands and Hong Kong.
The major countries ranked among the top-25 include include Singapore, Japan, Italy, Australia, Russia, Netherlands, Saudi Arabia and Cyprus. Besides, China was ranked 26th, Canada 28th, Brazil at 39th and South Africa at 50th. India's neighbouring country Pakistan was also ranked one place higher at 69th, although countries like Mauritius, and Sri Lanka are positioned below India.
2013: Rise in Indian deposits
Indian money in Swiss banks rises to over Rs 14,000 crore
PTI | Jun 19, 2014
ZURICH/NEW DELH: Indians' money in Swiss banks has risen to over two billion Swiss francs (nearly Rs 14,000 crore), despite a global clampdown against the famed secrecy wall of Switzerland banking system.
The funds held by Indians with banks in Switzerland rose by over 40% during 2013, from about 1.42 billion Swiss francs at the end of previous year, as per the latest data released today by the country's central banking authority Swiss National Bank (SNB).
In contrast, the money held in Swiss banks by their foreign clients from across the world continued to decline and stood at a record low of 1.32 trillion Swiss francs (about $1.56 trillion or over Rs 90 lakh crore) at the end of 2013.
During 2012, the Indians' money in Swiss banks had fallen by over one-third to a record low level.
The total Indian money held in Swiss banks included 1.95 billion Swiss francs held directly by Indian individuals and entities, and another 77.3 million Swiss francs through 'fiduciaries' or wealth managers at the end of 2013.
India has constituted a Special Investigation Team (SIT) to probe cases of alleged black money of Indians, including funds stashed abroad in places like Switzerland.
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 towards the quantum of the much-debated alleged black money held by Indians in the safe havens of Switzerland.
SNB's official figures also do not include the money that Indians or others might have in Swiss banks in the names of entities from different countries.
There are a total of 283 banks in Switzerland, down from nearly 300 at the beginning of 2013. This include two banks (UBS and Credit Suisse) classified as big banks, while there are 93 foreign-controlled banks operating in the country. A total of close to 1.25 lakh staff work at these banks.
With regard to the money held by Indians in Swiss banks, it rose during 2013 after a sharp decline in 2012. Prior to that, Indian money in Swiss banks had risen during 2011 also.
The quantum of Indian funds in Swiss banks stood at a record high level of 6.5 billion Swiss francs at the end of 2006, but it declined by more than 4 billion Swiss francs after four straight years of fall till 2010.
Indian money in Swiss banks Indian money in Liechtenstein banks Sri Lankan money in Swiss banks
