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Money in Swiss banks India moves to 73rd place, UK remains on top.

Summary: The UK continued to account for the largest chunk at about CHF403b (over 27%) of the total foreign money with Swiss banks

PTI

Zurich, New Delhi: India has moved up to 73rd place in terms of money parked by its citizens and companies with Swiss banks, while the UK remains on the top. India had slipped to 88th place with a 44 per cent plunge in such funds during 2016, but the latest data from the Swiss National Bank (SNB) shows an increase of over 50 per cent during 2017 to CHF1.01 billion (about Rs70 billion).

Pakistan is now placed one place higher than India at 72nd position, down one slot, after 21 per cent dips in funds from that country in Swiss banks during 2017.

The funds, described by SNB as "liabilities" of Swiss banks or 'amounts due to' their clients, are official figures disclosed by Swiss authorities and do not indicate to the exact quantum of the much-debated alleged black money held in famed safe havens of Switzerland.

The official figures, disclosed annually by Switzerland's central bank, also do not include the money that Indians, NRIs or others might have in Swiss banks in the names of entities from different countries.

It has been often alleged that Indians and other nationals seeking to stash their illicit wealth abroad use multiple layers of various jurisdictions, including tax havens, to shift the money in Swiss banks.

In terms of individual countries, the UK continued to account for the largest chunk at about CHF 403 billion (over 27 per cent) of the total foreign money with Swiss banks. The UK saw an increase of over 12 per cent in such funds.

The US remains on the second position despite a dip of about 6 per cent in such funds to CHF166 billion (11 per cent share of all foreign funds). No other country accounted for a double-digit percentage share, while others in the top-ten included West Indies, France, Hong Kong, Bahamas, Germany, Guernsey, Luxembourg and Cayman Islands.

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Publication:Gulf News (United Arab Emirates)
Geographic Code:9INDI
Date:Jul 1, 2018
Words:354
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