Indian money in foreign banks

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2012: sharp decline

At 9,000cr, Indian money in Swiss a/cs at record low

The Times of India

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

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 Times of India

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.

Indian money in Swiss banks Indian money in Liechtenstein banks Sri Lankan money in Swiss banks