Connect with Us
Moneylife - Facebook Moneylife - Twitter Moneylife - Linkedin Moneylife - Youtube Moneylife Rss feed
close

Moneylife » Economy & Nation » Money & Banking » Indian money in Swiss banks rises for 1st time in 5 years

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

MDT/PTI | 14/06/2012 12:31 PM | 

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.


Post Comment

More in Moneylife

Kotak Mahindra bank, Kotak Mahindra-ING Vysya bank merger, ING Vysya merger, ING Vysya Bank, Kotak Mahindra bank merger

Insider trading in ING Vysya stock? +3531 views

TODAY'S TOP STORIES

Post your Comment


Alert me when new comment is posted on this article
 Please read our Moderation Policy and Terms of Use before posting


VIDEOS

CSR Reporting, legal and fiscal due diligence by NGOs

LATEST COMMENT


FOREIGN REMITTANCE DEPARTMENT
ONLINE BANKING UNIT
6, SANSAND MARG,-110001
New Delhi,..
Jagadish Kunjilana

MORE

RBI measures to affect NBFCs in short term Moneylife Digital Team

Bailing Out Cooperative Banks Sucheta Dalal

Comment

1 Comment
PPM

PPM 2 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.

Reply »Link » Report abuse
X
Daily Newsletter

1,00,000 Readers

Follow Moneylife
DNL facebook icon DNL linked in icon DNL twitter icon DNL youtube icon DNL rss icon
Moneylife Magazine

What's your say?

Should BCCI keep N Srinivasan out due to conflict of interest?
Yes
No
Can't Say
 
Enter Code : secure code
    change code
VOTE

What you said

Will Shiv Sena join hands with BJP govt in Maharashtra?

Thanks for casting your votes! View Previous Polls

Join Over 100,000 Awesome Readers

  1. News that Mainstream media does not always cover
  2. Views that are bold and unbiased
  3. Reports that focus on your interests as consumer, investor & citizen