India makes up just 0.14% of total foreign deposits: Swiss central bank
18 Jun 2012
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The amount of Indian money in Swiss banks has risen for the first time in five years - but it still accounts for a minuscule 0.14 per cent of total foreign wealth deposited in Switzerland. India stands in 55th place in terms of overseas deposits in Swiss banks, according to figures released by Swiss National Bank (SNB), the country's central bank.
The total overseas funds in Switzerland's banking system stood at 1.53 trillion Swiss francs at the end of 2011, which included 2.18 billion Swiss francs (Rs12,700 crore) belonging to Indian individuals and entities.
The United Kingdom accounted for the largest share of a little over 20 per cent, followed closely by the United States with about 18 per cent.
Among the top-ranked jurisdictions, the UK and the US were followed by the West Indies, New Jersey, Germany, the Bahamas, Guernsey, Luxembourg, Panama, France, Hong Kong, the Cayman Islands, Japan, Singapore, Australia, Italy, Netherlands, Russia, Saudi Arabia and the United Arab of Emirates.
The SNB data shows that the amount of money held by Indians in the Swiss banking system rose for the first time in five years during 2011. These figures are described by SNB as 'liabilities' of Swiss banks towards their clients from various countries.
Amid a storm in India over 'black' money stashed in tax havens abroad, The SNB gives no indication about how much of the Indian money is illicit.
The total overseas funds in Switzerland's banking system stood at 1.53 trillion Swiss francs at the end of 2011, which included 2.18 billion Swiss francs (Rs12,700 crore) belonging to Indian individuals and entities.
The United Kingdom accounted for the largest share of a little over 20 per cent, followed closely by the United States with about 18 per cent.
Among the top-ranked jurisdictions, the UK and the US were followed by the West Indies, New Jersey, Germany, the Bahamas, Guernsey, Luxembourg, Panama, France, Hong Kong, the Cayman Islands, Japan, Singapore, Australia, Italy, Netherlands, Russia, Saudi Arabia and the United Arab of Emirates.
The SNB data shows that the amount of money held by Indians in the Swiss banking system rose for the first time in five years during 2011. These figures are described by SNB as 'liabilities' of Swiss banks towards their clients from various countries.
Amid a storm in India over 'black' money stashed in tax havens abroad, The SNB gives no indication about how much of the Indian money is illicit.
