India has slipped to 70th position in terms of foreign money lying
with Swiss banks and accounts for a meagre 0.10 per cent of total
global wealth held in the country's banking system.
While much hue and cry is made over huge amounts of illicit wealth
stashed by Indians in Swiss banks, the latest official data released
by Switzerland's central bank shows that the money they owed to Indian
clients at the end of last year was 1.42 billion Swiss francs (about
Rs. 9,000 crore).
India was ranked 55th for such funds a year ago with a total amount of
2.18 billion Swiss francs belonging to Indian individuals.
Among the top-ten jurisdictions in terms of source of money with Swiss
banks, the UK is now followed by the US, West Indies, Jersey,
Guernsey, Germany, France, Bahamas, Cayman Islands and Hong Kong.
Besides, China was ranked 26th, Canada 28th, Brazil at 39th and South
Africa at 50th. India's neighbour, Pakistan, was also ranked one place
higher at 69th, although countries like Mauritius, Hungary, Denmark,
Finland, Libya, Brunei and Sri Lanka are positioned below India.
As per SNB data, the Swiss banks saw a decline in funds belonging to
most of their foreign clients during 2012 and the funds belonging to
their domestic clients surpassed those of overseas ones for the first
time in their history.
read completely at