Money & Banking
Indian money in Swiss banks rises for 1st time in 5 years

The funds of about Rs12,740 crore do not indicate towards the quantum of the much-debated alleged black money held by Indians in the safe havens of Switzerland


New Delhi: Switzerland on Thursday said the quantum of money held by Indians in Swiss banks stood at 2.18 billion Swiss francs (about Rs12,740 crore) at the end of 2011 -- rising for the first time in the past five years, reports PTI.

The total funds held by Indian individuals and entities include 2.025 billion Swiss francs held directly by them and 158 million held through 'fiduciaries' or wealth managers, shows the latest data disclosed by the Swiss National Bank (SNB) in its annual handbook on Swiss banks published on Thursday.

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.

Also, SNB's official figures do not include the money that Indians or other nationals might have in Swiss banks in the names of others. While there is no official estimate for such unaccounted funds, but some estimates put it as high as $20-$25 billion.

As per the data from SNB, Switzerland's central bank, the quantum of funds held by Indians in Swiss banks had last increased in 2006 by about one billion Swiss francs to 6.5 billion Swiss francs (over Rs40,000 crore), but fell to less than one-third by the end of 2010. It rose by about Rs3,500 crore in 2011.

In a White Paper on black money tabled in Parliament last month, the Indian government had also mentioned that the total liabilities of Swiss banks towards Indians have been coming down since 2006 and fell by more than Rs14,000 crore during the 2006-2010 period.

The liabilities stood at Rs9,295 crore at the end of 2010, compared to Rs23,373 crore in 2006.




5 years ago

We need to get back the 17% share being held by Rajat Gupta in Tamilnad Mercantile Bank - illegally given to him by Reserve Bank of India.

Government hikes paddy support prices by Rs170 per quintal

The minimum support price for common grade variety of paddy has been increased to Rs1,250 per quintal from Rs1,080


New Delhi: In view of rising input costs, the Indian government on Thursday announced Rs170 per quintal hike in support price of paddy to farmers at Rs1,250 for the 2012-13 crop year, reports PTI.

The minimum support price (MSP) of paddy and other Kharif (summer) crops has been approved by the Cabinet Committee on Economic Affairs (CCEA), an highly placed source said after the CCEA meeting.

The MSP for common grade variety of paddy has been increased to Rs1,250 per quintal from Rs1,080 in the previous year. Similarly, the support price for 'A' grade variety of paddy has been raised to Rs 1,280 per quintal from Rs 1,110.

The increase in the support price of paddy is in line with the recommendations made by the Commission for Agriculture Costs and Prices, which recommends the government on farm pricing policy.

Paddy is grown in both kharif and rabi season. The Kharif sowing begins with the start of the south-west monsoon in June and harvesting that starts from October.

India produced a record 103.41 million tonnes of rice in the 2011-12 crop year. Higher MSP has been announced to give better returns to paddy farmers, whose cost of cultivation has risen substantially due to rise in cost of labour, power and fertiliser.




5 years ago

Hats off to speed of US Justice system - flat 4 weeks for conviction.
In India, you can be assured of a honourable exit within a few yrs of any crime if you are in creamy layer..faster if you are a politician/gangster...
How frustrating it is for a citizen to hope for justice to punish such persons...

Ramesh S Arunachalam

5 years ago

Dear All

As I have been saying for long as a broken record, " Five Star Board members do not necessarily guarantee Good Corporate Governance"

From Satyam to some SKS board members to Rajat Gupta, this dictum seems to hold

I agree that justice is painfully slow in India. We need to speed up

One thing that I still dont understand is Rajat Gupta's motivation in doing what he did.

anantha ramdas

5 years ago

If and when such similar things happen in India, it would have taken 20 years or
more to get the case settled in court.

Our judicial system also needs to be
revamped and no case should be kept
pending (hearing postponment) endlessly, as it is happening.

We need Judge Judys too!!

p k

5 years ago

all over the world , the higher position you have, more cunning is the person. more selfish is the person.

look at our PM -all the scams are happening under him , he is acting dumb..all is well as far as Dumb Singh is concerned.

the power goes to head.

a person with Ivy league background is taken as God's gift to mankind in India..but most have clays feet.

it does not matter if he is an Indian or non Indian..look at Enron or such companies or the financial engineering products-hedges or whatever product of Ivy league kind of brains


5 years ago

And hopefully now the bigger issues wrt India, of all sorts of policies pertaining to healthcare and processed food, will tumble out of the closet too - who gained what and how.




In Reply to malq 5 years ago

And at the same time, can't help looking at the other side of the coin too . . . all other things aside, the SEC and other authorities in the US are also kind of selective in how it moves. The Infosys visa row, for example, is good enough for an investigation and SEC filing - the fact that other American tech companies in India did and do the same all the time is happily ignored. And more . . .


5 years ago

Sometimes we really fail to understand the motives of such people. Such a brilliant guy, has achieved every thing in life, no monetary problems, attained such heights in life, why would they need to do such illegal things !

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