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.
More in Moneylife
The Pain of a Financial Consumer +1749 views
TODAY'S TOP STORIES
CSR Reporting, legal and fiscal due diligence by NGOs
- ATM Charges: Madras HC issues notices to RBI, IBA
- Insider trading in ING Vysya stock?
- Can hospitals be more transparent by showing patient survival data?
- Will 'Jeevan Praman' really help ease life for pensioners?
- Moneylife Foundation felicitates Constable Azim Shaikh for preventing a railway catastrophe
- Kotak Mahindra Bank acquires ING Vysya Bank
- QNet: EOW tightens rope around agents, meeting places
- Stop Punishing Investors for the actions of Rogue Promoters
- Open Letter to the new Railway Minister Suresh Prabhu
- ‘Any Branch Banking' - For whose benefit?
- How banks helped Modi's new minister get rich while shareholders got poor
- ATM Charges: When RBI acts as ‘toothless’ tiger
What's your say?
What you said
Thanks for casting your votes! View Previous Polls