Indian Money in Swiss Banks Dips to Record Low
The official figures by the Swiss National Bank ( SNB ) in Zurich on 20th June, 2013 unveiled that the Indian money found in Swiss banks dropped down to record lowest level at 9000 crore or 1.42 billion Swiss francs. The official data released by the Swiss National Bank ( SNB ) is a part of annual report of Swiss Banks released by SNB.
The overall funds held by Indian entities as well as individuals included 1.34 billion Swiss francs being held by entities and individuals directly while another 77 million Swiss francs held through wealth managers or fiduciaries at 2012 end. The data indicated that Indians’ money in Swiss banks dipped down around 35 percent or 4900 crore in 2012. Fiduciaries are the wealth fund managers that hold wealth of Indian private families or holders in numbered accounts.
It is also important to note that this was steeper than the 9.1 percent dip in funds held by entities from all over the world in Swiss Banks. The overall funds held by the entities from across the world also hit all – time low of 1.4 trillion Swiss francs at 2012 end.
In the beginning of 2012, the overall funds of Indians in Swiss banks was almost 14000 crore or 2.18 billion Swiss francs. In the meanwhile, the funds from across the world in Swiss Banks in the beginning of 2012 were 1.5 trillion Swiss francs or 1.65 trillion US dollar.
These funds from India in the Swiss banks are described by the SNB as liabilities of the banks towards Indian clients. It is also important to note that these figures are the official ones released from Swiss authorities and they are not the indicator of the black money of Indians held in Swiss banks.
The funds held by the Indians in Swiss banks at the end of 2006 was at a record height of 6.5 billion Swiss francs or more than 41000 crore, but it declined by more than 5 billion Swiss francs or 32000 crore since then.
For the clients from all over the world, the total funds in the Swiss banks was at record height of 2.6 trillion US dollar by the end of 2007 but since then it has dipped down by more than one trillion dollars.
According to the SNB data, the funds of Indians held directly in the Swiss banks decreased steeply by around 700 million Swiss francs in 2012 to 1.34 billion Swiss francs in 2012. In the meanwhile, the funds held by Indians through fiduciaries halved to 77.4 million Swiss francs in the year 2011, which marked the sixth year of decline in a row.
The direct liabilities of Swiss banks towards the Indian clients include funds which are held in the deposit accounts as well as savings accounts by the Indian corporate houses, financial institutions as well as individuals.
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