Friday, June 22, 2012

India ranks 55th of Foreign money in Swiss Banks

Indians' money in Swiss banks may have risen for the first time in five years, but they account for a meagre 0.14 per cent of total foreign wealth deposited there -- putting India at 55th place globally for such funds.
The total overseas funds in Switzerland's banking system stood at 1.53 trillion Swiss francs (about Rs 90 trillion) at the end of 2011, which included 2.18 billion Swiss francs (Rs 12,700 crore) belonging to Indian individuals and entities.
While India accounted for only 0.14 per cent of total foreign money in Swiss banks, the UK accounted for the largest share of little over 20 per cent, followed closely by the US with about 18 per cent.
As per the latest data disclosed by Swiss National Bank (SNB), Switzerland's central bank, India is now ranked 55th in terms of funds belonging to overseas clients in Swiss banks.
Among the top-ranked jurisdictions, the UK and the US were followed by West Indies, Jersey, Germany, Bahamas, Guernsey, Luxembourg, Panama and France, Hong Kong, Cayman Islands, Japan, Singapore, Australia, Italy, Netherlands, Russia, Saudi Arabia and United Arab of Emirates.

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