Swiss money: India slips to 70th spot; UK on top

[thestringshredder]

ZURICH/ NEW DELHI: India has slipped to 70th position in terms of foreign money lying with the Swiss banks and accounts for a meagre 0.10% of total global wealth held in the Switzerland 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).

While the UK continues to account for the largest chunk of such funds, India has now slipped lower to 70th position — the lowest rank among all major economies of the world, shows an analysis of annual data released by Swiss National Bank on all the banks present in the European country.

India was ranked 55th for such funds a year ago with a total amount of 2.18 billion Swiss francs belonging to the 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. China was ranked 26th and Pakistan was also ranked one place higher at 69th.

Link - Swiss money: India slips to 70th spot; UK on top - The Times of India

 

[Kloitra]

So Indian politicians know how to change with time, their bank accounts that is..

 

[President]

or changed the nationality

 

[Star Wars]

Zyada kush math ho...paisa kahi aur chala gaya ....

 

[Omya]

apni betiyo ki shaadi ya jo karani hey

 

[Nisha]

The Indian govt failed to do anything about this for yrs. They have given more than enough time for ppl to move accounts. The govt knew exactly who held these accounts and did not act. A serious failure of goverance and law/order.

 

[SRP]

I don't believe this report.

 

[ptltejas]

I don't believe this report.

Same to me. how the data came woth TOI. and question is really arises about it truthness. moreover the work of Swiss banks is anti nations.

 

[Dillinger]

Same to me. how the data came woth TOI. and question is really arises about it truthness. moreover the work of Swiss banks is anti nations.

It makes perfect sense, the Swiss banks aren't the only place where money can be stashed..Cayman Islands anyone? With all the heat that hit the politicos about their Swiss bank accounts and journos even getting there hands on lists of account numbers..the netas were bound to shift the money.