Swiss bank deposits: Indians 55th biggest clients

Indians’ money in Swiss banks may have risen for the first time in five years, but they account for a meagre 0.14 percent of total foreign wealth deposited there - putting India at 55th place internationally 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 percent of total foreign money in Swiss banks, the United Kingdom accounted for the largest share of little over 20 percent, followed closely by the United States with about 18 percent.

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.

The SNB data shows that the quantum of money held by Indians in the Swiss banking system rose for the first time in five years during 2011.

These official figures, described by SNB as ’liabilities’ of Swiss banks towards their clients from various countries, do not indicate towards the quantum of the much-debated alleged black money held by Indians or other nationals in the safe havens of Switzerland.

Also, SNB’s figures do not include the money that Indians or other nationals might have in Swiss banks in others’ names.

PTI