NEW DELHI, India (NNN-Bernama) -- Switzerland on Thursday said the amount of money held by Indians in Swiss banks stood at 2.18 billion Swiss francs (about Rs 12,740 crore) at the end of 2011, rising for the first time in the past five
years. (One Crore: ten million)
The total funds held by Indian individuals and entities include 2.02 billion Swiss francs held directly by them and 158 million held through 'fiduciaries' or wealth managers, according to the latest data by the Swiss National Bank (SNB) on Thursday, Press Trust of India reported.
The funds, described by SNB as 'liabilities' of Swiss banks towards their clients from India, are the official figures disclosed by the Swiss authorities and do not indicate the much-debated alleged black money held by Indians in Switzerland.
SNB's official figures do not include money that Indians or other nationals might have in Swiss banks in others' names. While there is no official estimate for such unaccounted funds, some estimates put it as high as 20-25 billion dollars.
Switzerland's central bank also said the amount of funds held by Indians in Swiss banks had increased by about one billion Swiss francs to 6.5 billion Swiss francs (over Rs 40,000 crore) in 2006, but fell to less than one-third by the end of 2010. It rose by about Rs 3,500 crore in 2011.
In a White Paper on black money tabled in Parliament last month, the Indian government had mentioned that the total liabilities of Swiss banks towards Indians have been decreasing since 2006 and fell by more than Rs 14,000 crore during the 2006-2010 period.
The liabilities stood at Rs 9,295 crore at the end of 2010 compared to Rs 23,373 crore in 2006. -- NNN-BERNAMA
years. (One Crore: ten million)
The total funds held by Indian individuals and entities include 2.02 billion Swiss francs held directly by them and 158 million held through 'fiduciaries' or wealth managers, according to the latest data by the Swiss National Bank (SNB) on Thursday, Press Trust of India reported.
The funds, described by SNB as 'liabilities' of Swiss banks towards their clients from India, are the official figures disclosed by the Swiss authorities and do not indicate the much-debated alleged black money held by Indians in Switzerland.
SNB's official figures do not include money that Indians or other nationals might have in Swiss banks in others' names. While there is no official estimate for such unaccounted funds, some estimates put it as high as 20-25 billion dollars.
Switzerland's central bank also said the amount of funds held by Indians in Swiss banks had increased by about one billion Swiss francs to 6.5 billion Swiss francs (over Rs 40,000 crore) in 2006, but fell to less than one-third by the end of 2010. It rose by about Rs 3,500 crore in 2011.
In a White Paper on black money tabled in Parliament last month, the Indian government had mentioned that the total liabilities of Swiss banks towards Indians have been decreasing since 2006 and fell by more than Rs 14,000 crore during the 2006-2010 period.
The liabilities stood at Rs 9,295 crore at the end of 2010 compared to Rs 23,373 crore in 2006. -- NNN-BERNAMA
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