Indian Money In Swiss Banks Dips To Record Low At Rs 9,000 Cr

[BMW]

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 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 [url="http://economictimes.indiatimes.com/topic/wealth-managers"]wealth managers[/url] at the end of 2012, as per the latest figures released by the Swiss National Bank (SNB) in Zurich today.

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 (USD 1.5 trillion) 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 (USD 1.65 trillion).

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.

The funds, described by SNB as 'liabilities' of Swiss banks towards their clients from India, 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 do not include the money that Indians or others might have in Swiss banks in the names of others.

The sharp decline in Indian money in Swiss banks during 2012 followed a significant increase in the previous year, when such funds had risen for the first time in five years.

The quantum of funds held by Indians in Swiss banks stood at a record high level of 6.5 billion Swiss francs (over Rs 41,000 crore) at the end of 2006, but has declined by over five billion Swiss francs (over Rs 32,000 crore) since then.

For clients across the world, total funds in Swiss banks stood at a record high level of USD 2.6 trillion at the end of 2007, but has fallen by over USD one trillion since then.

In a White Paper on black money tabled in Parliament last year, the [url="http://economictimes.indiatimes.com/topic/Indian-government"]Indian government[/url] said that the total liabilities of Swiss banks towards Indians have been coming down since 2006 and fell by more than Rs 14,000 crore during 2006-2010 period.

Amid allegations of Indians stashing huge amounts of illicit wealth abroad, including in Swiss banks, the government has said it is making various efforts to bring back the unaccounted money.

While a new treaty has been put in place for sharing of information on issues related to tax crimes on a prospective basis, Switzerland has also agreed to a limited retrospective clause for such information exchange in case of India.

[victor_raja]

Gas

[BMW]

[quote name='victor_raja' timestamp='1371742503' post='1303873748']
Gas
[/quote]
economic times lodi news edi....

[prayaanam]

9,000 cr chaala thakkuva baasu........kaneesam 1-2 lakh crores vuntundi inka.........

mana jaggayya lantollaki picha lite ...ee dabbu...

[iTeachSAP]

bank marchaaara kodukulu ..

[PMREDDY19]

Inko 1 yr Jaggadi jail lo untey.. inko sagam padi pothadi emo..

Lekuntey country marchestunandu emo..

[BMW]

[quote name='prayaanam' timestamp='1371743159' post='1303873784']
9,000 cr chaala thakkuva baasu........kaneesam 1-2 lakh crores vuntundi inka.........

mana jaggayya lantollaki picha lite ...ee dabbu...
[/quote]
mana vallu emaiyna takkuva andharu swiss bank antunnaru ani...mellaga verey banks ki shift chesi nattu unnaru....heard that there r some more banks like swiss

[psycopk]

india lo land meda invest cheste double triple avutunte.. inka swiss enduku vella mokhalu manda..

[BMW]

[quote name='psycopk' timestamp='1371743330' post='1303873797']
india lo land meda invest cheste double triple avutunte.. inka swiss enduku vella mokhalu manda..
[/quote]
land meeda evadu invest chesthunnaru...adi just free gaa dochukovadame gaa...this is hard cash from the budget released which they will have to hide so okkappudu swiss bank..ippudu swiss bank vallu details baitiki isthunnarani bank marchesaru...

[dotnetrockz]

[quote name='psycopk' timestamp='1371743330' post='1303873797']
india lo land meda invest cheste double triple avutunte.. inka swiss enduku vella mokhalu manda..
[/quote]

jaggaya chala telivaian vadu evarki doubt rakunda.....ee poland oo austria lo no dachi untadu

[TENALI_TELUGODU]

[quote name='prayaanam' timestamp='1371743159' post='1303873784']
9,000 cr chaala thakkuva baasu........kaneesam 1-2 lakh crores vuntundi inka.........

mana jaggayya lantollaki picha lite ...ee dabbu...
[/quote]
Jaggu ee news chusi navvukuni vuntadu

[pinky123]

[cherlapalli_jailer]

Yearly or monthly deposit ayyi vuntundi Aa figure

election time kada ..andaru ikkade vunchi vuntaru

[img]http://www.desigifs.com/sites/default/files/PK-17.gif?1349015849[/img]

[Akkumm_Bakkumm]

Elections vastunnai kada panchadaniki konni teesi untaru next yr e time ki inko post padutundi. Massive Indian deposits in Swiss close to 100,000 crs ani.. Malli UPA vasthe 10,00,0000 crs Ina ascharyam ledu

[BMW]

[quote name='cherlapalli_jailer' timestamp='1371748559' post='1303874037']
Yearly or monthly deposit ayyi vuntundi Aa figure

election time kada ..andaru ikkade vunchi vuntaru

[img]http://www.desigifs.com/sites/default/files/PK-17.gif?1349015849[/img]
[/quote]
[quote name='Akkumm_Bakkumm' timestamp='1371752367' post='1303874504']
Elections vastunnai kada panchadaniki konni teesi untaru next yr e time ki inko post padutundi. Massive Indian deposits in Swiss close to 100,000 crs ani.. Malli UPA vasthe 10,00,0000 crs Ina ascharyam ledu
[/quote]