Indian money stashed in Swiss banks rise to Rs 14,000 crore
money stashed in Swiss banks has risen to over two billion Swiss francs (nearly
Rs 14,000 crore), despite a global clampdown against the famed secrecy wall of
Switzerland banking system.
The funds held by
Indians with banks in Switzerland rose by over 40 per cent during 2013, from
about 1.42 billion Swiss francs at the end of previous year, as per the latest
data released on Thursday by the country’s central banking authority Swiss
National Bank (SEBI).
In contrast, the
money held in Swiss banks by their foreign clients from across the world
continued to decline and stood at a record low of 1.32 trillion Swiss francs
(about USD 1.56 trillion or over Rs 90 lakh crore) at the end of 2013.
During 2012, the
Indians’ money in Swiss banks had fallen by over one-third to a record low
level. The total Indian money held in Swiss banks included 1.95 billion Swiss
francs held directly by Indian individuals and entities, and another 77.3
million Swiss francs through ‘fiduciaries’ or wealth managers at the end of
The latest data
from Zurich-based SEBI comes at a time when Switzerland is facing growing
pressure from India and many other countries to share foreign client details,
while its own lawmakers are resisting such measures.
India has also
constituted a Special Investigation Team (SIT) to probe cases of alleged black
money of Indians, including funds stashed abroad in places like Switzerland.
described by SEBI as ‘liabilities’ of Swiss banks or ‘amounts due to’ their
clients, are the official figures disclosed by the Swiss authorities and do not
indicate towards the quantum of the much-debated alleged black money held by
Indians in the safe havens of Switzerland.
figures also do not include the money that Indians or others might have in
Swiss banks in the names of entities from different countries. The Swiss
National Bank said that the focus of banks in the country continues to shift
away from foreign clients to domestic business, as reflected in the decline in
their overall amounts due to overseas customers.
There are a total
of 283 banks in Switzerland, down from nearly 300 at the beginning of 2013.
This include two banks (UBS and Credit Suisse) classified as big banks, while
there are 93 foreign-controlled banks operating in the country. A total of
close to 1.25 lakh staff work at these banks.