India slips to 75th place on money in Swiss banks; UK on top

[anant_s]

NEW DELHI: India has slipped to 75th place in terms of money held by its citizens with banks in Switzerland, while the UK remains on top.

India was placed at 61st place last year, while it used to among top-50 countries in terms of holdings in Swiss banks till 2007. The country was ranked highest at 37th place in the year 2004.

As per the latest annual update on Swiss banks, released by Switzerland's central bank SNB (Swiss National Bank), the total money held there by foreign clients from across the world fell by nearly 4% to Swiss franc (CHF) 1.42 trillion (about Rs 98 lakh crore) at the end of 2015.

In terms of individual countries, the UK accounted for the largest chunk at about CHF 350 billion or almost 25% of the total foreign money with Swiss banks.

The US came second with nearly CHF 196 billion or about 14%. No other country accounted for a double-digit percentage share, while others in the top-ten included West Indies, Germany, Bahamas, France, Guernsey, Luxembourg, Hong Kong and Panama.

India was ranked 75th with CHF 1.2 billion (about Rs 8,392 crore), which is not even 0.1% of the total foreign money in Swiss banks and is the lowest for the country in at least two decades or since 1996 — the first year for which full comparable data is available.

Pakistan was placed higher at 69th place with CHF 1.5 billion — a shade better than 0.1% of total foreign money parked with Swiss banks.




India was also lowest ranked among the BRICS nations — Russia was ranked 17th (CHF 17.6 billion), China 28th (CHF 7.4 billion), Brazil 37th (CHF 4.8 billion) and South Africa 60th (CHF 2.2 billion).




Others ranked higher than India included Mauritius, Kazakhstan, Iran, Chile, Angola, Philippines, Indonesia and Mexico, while a number of so-called tax havens were also placed above, including Jersey, Cayman Islands, Cyprus, Marshall Islands, Bermuda, Belize, Gibraltar, Isle of Man, Seychelles and St Vincent and the Grenadines.




All offshore financial centres together held CHF 378 billion in Swiss banks. The total for developing countries stood at CHF 207 billion, while the same for the developed countries was much higher at CHF 833 million.




India was ranked in top-50 continuously between 1996 and 2007, but started declining after that -- 55th in 2008, 59th in 2009 and 2010 each, 55th again in 2011, 71st in 2012 and then 58th in 2013.

http://timesofindia.indiatimes.com/business/india-business/India-slips-to-75th-place-on-money-in-Swiss-banks-UK-on-top/articleshow/53031289.cms

@GURU DUTT @PARIKRAMA @Levina @ranjeet @nair @Abingdonboy

 

[anant_s]

Highlights

• India ranked 75th in terms of money held by its citizens with Swiss banks
• India was placed 61st last year, was among top 50 countries till 2007
• Total money held in Swiss banks by foreign clients falls nearly 4%

 

[Nilgiri]

Well its a natural trend given the greater interaction going on between India and Switzerland with regards to illegal stash funds.

Rich crooks are not stupid you know , they just shift to a country that doesn't show any signs of signing tax treaties and such with India. Plenty of them in the caribbean and pacific. Switzerland is so 1980s.

Now if it can be shown that the money has moved from Switzerland back to India (or even a significant portion of it)....I will be both surprised and happy.

 

[GURU DUTT]

so @anant_s bhai in short hamare desh ke honhar tax chorr sirf chorr nahee chalaak bhee hain

 

[anant_s]

Rich crooks are not stupid you know , they just shift to a country that doesn't show any signs of signing tax treaties and such with India. Plenty of them in the caribbean and pacific. Switzerland is so 1980s.

in short hamare desh ke honhar tax chorr sirf chorr nahee chalaak bhee hain

Yes sirs, plenty of spots to park your ill gotten wealth

 

[Laozi]

so @anant_s bhai in short hamare desh ke honhar tax chorr sirf chorr nahee chalaak bhee hain

New amnesty scheme let you make Black money White just by paying 31 percent tax including penalty, NO Questions Asked

Indians will be taking advantage of this scheme

You will see a further drop in Indian Black Money stashed abroad

 

[GURU DUTT]

Yes sirs, plenty of spots to park your ill gotten wealth
View attachment 315476 View attachment 315477 View attachment 315478
View attachment 315479

but why no name of india in the chart im sure they are not sure how much money owr tax thiefs have stached outside a rough estimate is over 1.5 trillion dollars

New amnesty scheme let you make Black money White just by paying 31 percent tax including penalty, NO Questions Asked

Indians will be taking advantage of this scheme

You will see a further drop in Indian Black Money stashed abroad

ya and its like htiing two birds with a single stone as illeagel hawala takes close to 4.5% for staching money outide india

 

[Fireurimagination]

Increase in FDI, so here is where it's coming from?

 

[Nilgiri]

Increase in FDI, so here is where it's coming from?

Not really. It used to be the case w.r.t the round tripping done via Mauritius....but now accounting standards in India have improved a lot.

The FDI increase is genuine and is mostly from countries that are not tax havens.

 

[CorporateAffairs]

#AcheDin #NaMo

 

[Nilgiri]

but why no name of india in the chart im sure they are not sure how much money owr tax thiefs have stached outside a rough estimate is over 1.5 trillion dollars

The estimates vary quite a lot. It could be its a small fraction of India's external debt by whatever metric that study used to define capital flight for that map.

Or Indians could just be that good in hiding that well ...i.e could be black money to begin with at the source...and routed through legal holding companies with a final illegal destination....so it ends up counting as flight capital from another country entirely.

This stuff is too complicated to measure and pin down on equivalent basis, I'm surprised they even have figures for China and Russia....though they are probably so large that something registers for them no matter how you choose to go about measuring it.

 

[Grevion]

There has been an anti-corruption sentiment in the country since the days of RTI and then the India against Corruption (IAC).
One of the most important promises of this govt. was a corruption less governance (na khaunga na khane dunga).
It is also imp. to note that swiss banks are constantly targeted in India for providing safe heavens to the tax evaders. It may be possible that the they are now adopting new ways of disposing/layering their unaccounted income.

 

[Ryuzaki]

Indians prefer Mauritius and Singapore

 

[raj76]

NEW DELHI: India has slipped to 75th place in terms of money held by its citizens in Switzerland’s banks, while the United Kingdom remains on top.

India was placed at the 61st place last year. It used to be among top 50 countries in terms of holdings in Swiss banks till 2007.

The country was ranked highest, at the 37th place, in 2004.

As per the latest annual update on Swiss banks, released by Switzerland’s central bank (Swiss National Bank), the total money held there by foreign clients fell by nearly 4 per cent to Swiss franc (CHF) 1.42 trillion at the end of 2015.

With 1.5bn Swiss francs, Pakistan placed at 69th place
In terms of individual countries, the UK accounted for the largest chunk, at about CHF 350 billion or almost 25pc of the total foreign money with Swiss banks. The US came second with nearly CHF 196bn or about 14pc.

No other country accounted for a double-digit percentage share, while others in the top ten included West Indies, Germany, Bahamas, France, Luxembourg, Hong Kong and Panama.

India was ranked 75th with CHF 1.2bn, which is not even 0.1pc of the total foreign money parked in Swiss banks and is the lowest for the country in at least two decades or since 1996 — the first year for which full comparable data is available.

Pakistan was placed higher, at the 69th place, with CHF 1.5bn — a shade better than 0.1pc of total foreign money parked in Swiss banks.

India was also lowest ranked among the BRICS nations — Russia was ranked 17th (CHF 17.6bn), China 28th (CHF 7.4bn), Brazil 37th (CHF 4.8bn) and South Africa 60th (CHF 2.2bn).

Other countries that ranked higher than India included Mauritius, Kazakhstan, Iran, Chile, Angola, Philippines, Indonesia and Mexico, while a number of so-called tax havens were also placed above, including Jersey, Cayman Islands, Cyprus, Marshall Islands, Bermuda, Belize, Gibraltar, Isle of Man, Seychelles and St Vincent and the Grenadines.

All offshore financial centres together held CHF 378bn in Swiss banks. The total for developing countries stood at CHF 207bn, while the same for the developed countries was much higher.

India was ranked in top 50 countries between 1996 and 2007, but started declining after that — 55th in 2008, 59th in 2009 and 2010 each, 55th again in 2011, 71st in 2012 and then 58th in 2013.

By arrangement with the Times of India

Published in Dawn, July 4th, 2016
http://www.dawn.com/news/1268901/money-in-swiss-banks-india-slips-to-75th-position

 

[baajey]

where is the money being siphoned off to ? i hope the present govt pull up its socks on this matter before the thieves manage to move all the money to somewhere safe.