NEW DELHI, India (NNN-Bernama) -- Indians' money in Swiss banks may have risen for the first time in five years, but they account for a meagre 0.14 per cent of total foreign wealth deposited there -- putting India at 55th place globally for such funds.
Press Trust of India reports the total overseas funds in Switzerland's banking system stood at 1.53 trillion Swiss francs (about Rs 90 trillion) at the end of 2011, which included 2.18 billion Swiss francs (Rs 12,700 crore) belonging to Indian individuals and entities.(One Crore: ten million)
According to the latest data disclosed by the Swiss National Bank (SNB), the United Kingdom accounted for the largest share of funds belonging to overseas clients in Swiss banks with a little over 20 per cent and the United States with 18 per cent.
This is followed by West Indies, Jersey, Germany, Bahamas, Guernsey, Luxembourg, Panama and France, Hong Kong, Cayman Islands, Japan, Singapore,
Australia, Italy, Netherlands, Russia, Saudi Arabia and United Arab of Emirates.
The total funds held by Indian individuals and entities include 2.03 billion Swiss francs held directly by them and 158 million held through fiduciaries or wealth managers. --NNN-BERNAMA
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