Money in Swiss banks: India at 77th place, accounts for just 0.06% of all foreign funds – Times of IndiaNEW DELHI/ZURICH: India has moved down three locations to 77th rank when it comes to cash parked by its residents and enterprises with Swiss banks on the finish of 2019, whereas the UK has retained its prime place, as per the newest knowledge from Switzerland’s central financial institution.

Money in Swiss banks: India at 77th place, accounts for just 0.06% of all foreign funds – Times of India

(Consultant picture)

India was ranked 74th within the earlier 12 months.
An evaluation of the newest annual banking statistics launched by the Swiss Nationwide Financial institution (SNB) confirmed that India stays ranked very low with regards to cash parked by Indian people and enterprises in Swiss banks, together with by way of their India-based branches, accounting for nearly 0.06 per cent of the mixture funds parked by all overseas purchasers of Switzerland-based banks.
As compared, the top-ranked UK accounted for near 27 per cent of the whole overseas funds parked with Swiss banks on the finish of 2019.
In keeping with the newest SNB knowledge, funds parked by Indian people and enterprises in Swiss banks, together with by way of India-based branches, fell by 5.eight per cent in 2019 to 899 million Swiss francs (Rs 6,625 crore).
The information is for ‘whole liabilities’ of Swiss banks in direction of Indian purchasers takes under consideration all varieties of funds of Indian clients at Swiss banks, together with deposits from people, banks and enterprises. This additionally consists of knowledge for branches of Swiss banks in India, in addition to non-deposit liabilities.
These are official figures reported by banks to the SNB and don’t point out the quantum of the much-debated alleged black cash held by Indians in Switzerland. These figures additionally don’t embrace the cash that Indians, NRIs or others may need in Swiss banks in names of third-country entities.
Among the many top-ranked jurisdictions, the UK is adopted by the US, West Indies, France and Hong Kong within the prime 5.
The highest-five nations alone account for greater than 50 per cent of the mixture overseas funds parked with the Swiss banks, whereas the top-10 account for almost two-thirds.
The highest-15 nations account for almost 75 per cent of all overseas cash in Swiss banks, whereas the contribution of the top-30 is nearly 90 per cent.
The highest-10 nations additionally embrace Germany, Luxembourg, Bahamas, Singapore and Cayman Islands.
Solely 22 jurisdictions have 1 per cent of extra of the whole overseas funds parked with Swiss banks and these embrace China, Jersey, Russia, Saudi Arabia, Australia, Panama, Italy, Cyprus, UAE, Netherlands, Japan and Guernsey.
Among the many five-nation BRICS block of rising economies, India is ranked the bottom whereas Russia is ranked the very best on the 20th place (similar as final 12 months), adopted by China at 22nd (similar as 2018-end), South Africa at 56th (up two locations) and Brazil at 62nd (up from 65th final 12 months) when it comes to cash parked by their residents and enterprises on the finish of 2019.
The nations ranked larger than India additionally embrace Kenya (74th), Mauritius (68th), New Zealand (67th), Venezuela (61st), Ukraine (58th), Philippines (51st), Malaysia (49th), Seychelles (45th), Indonesia (44th), South Korea (41st), Thailand (37th), Canada (36th), Israel (28th), Turkey (26th), Mexico (26th), Taiwan (24th), Saudi Arabia (19th), Australia (18th), Italy (16th), UAE (14th), Netherlands (13th), Japan (12th) and Guernsey (11th).
Nonetheless, a number of of India’s neighbouring nations are ranked decrease, with Pakistan ranked 99th, Bangladesh 85th, Nepal 118th, Sri Lanka 148th, Myanmar 186th and Bhutan 196th. All these nations recorded decline of their figures for 2019.
Various nations have seen their funds falling in Swiss banks lately amid a worldwide clampdown towards the erstwhile banking secrecy partitions within the Alpine nation.
By way of share change within the mixture quantity throughout 2019, Central African Republic noticed the largest improve of over 3,600 per cent, whereas Iraq and North Korea additionally figured among the many top-ten nations when it comes to rise of their figures of almost 500 per cent and 110 per cent, respectively. The decline was highest for Maldives at over 97 per cent.
It has been typically alleged that Indians and different nationals looking for to stash their illicit wealth overseas use a number of layers of assorted jurisdictions, together with tax havens, to shift the cash to Swiss banks.
Additionally, with Switzerland setting up an automated data trade framework with India and varied different nations, the famed secrecy partitions of Swiss banks are mentioned to have crumbled. India began getting this automated knowledge final 12 months, whereas it has already been getting data on accounts the place proof of illicit funds might be furnished.
On the finish of 2018, funds formally held by Indians with banks in Switzerland accounted for about 0.07 per cent of the whole funds stored by all overseas purchasers within the Swiss banking system, virtually the identical as the extent seen a 12 months earlier than that after a modest improve from 0.04 per cent in 2016.
India was positioned at 75th place in 2015 and 61st within the 12 months earlier than, although it was once among the many top-50 nations when it comes to holdings in Swiss banks until 2007. The nation was ranked highest at 37th place within the 12 months 2004.
The whole cash held in Swiss banks by overseas purchasers from the world over rose marginally to CHF 1.44 trillion in 2019.
By way of particular person nations, the UK continues to account for the most important chunk at about CHF 385 billion (up from CHF 372 billion a 12 months in the past), which accounts for almost 27 per cent of the whole overseas cash with Swiss banks.
The US stays on the second place with a rise in its funds to $160 billion, accounting for over 11 per cent of all overseas funds.
India was ranked within the top-50 repeatedly between 1996 and 2007, however its rank began declining after that — 55th in 2008, 59th in 2009 and 2010 every, 55th once more in 2011, 71st in 2012 after which to 58th in 2013.

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