Indian money in Swiss banks at new low |
Money held by Indians in Swiss banks has fallen by nearly one-third to a record low of 1.2 billion franc (about Rs 8,392 crore). The funds held by Indians with banks in Switzerland fell by CHF 596.42 million to CHF 1,217.6 million at the end of 2015, according to Swiss National Bank.This is the lowest amount of funds held by Indians in the Swiss banks ever since the Alpine nation began making the data public in 1997 and marks the second straight year of decline.The funds held by Indians with Swiss banks stood at a record high of CHF 6.5 billion (Rs 23,000 crore) at 2006-end.However, the quantum of these funds has been falling since then, except for in 2011 and in 2013 when Indians’ money had risen by over 12% and 42%, respectively.At the end of 2015, the total funds held in Swiss banks by Indians directly stood at CHF 1,206.71 million (down from CHF 1,776 million a year ago), while the money held through ‘fiduciaries’ or wealth managers was down at CHF 10.89 million (from CHF 37.92 million at 2014-end).
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