Indian money in Swiss banks rise to over Rs 14,000 cr

Tags: Banking
Indians' money in Swiss banks has risen to over two billion Swiss francs (nearly Rs 14,000 crore), despite a global clampdown against the famed secrecy wall of Switzerland banking system.

The funds held by Indians with banks in Switzerland rose by over 40 per cent during 2013, from about 1.42 billion Swiss francs at the end of previous year, as per the latest data released today by the country's central banking authority Swiss National Bank (SNB).

In contrast, the money held in Swiss banks by their foreign clients from across the world continued to decline and stood at a record low of 1.32 trillion Swiss francs (about USD 1.56 trillion or over Rs 90 lakh crore) at the end of 2013.

During 2012, the Indians' money in Swiss banks had fallen by over one-third to a record low level.

The total Indian money held in Swiss banks included 1.95 billion Swiss francs held directly by Indian individuals and entities, and another 77.3 million Swiss francs through 'fiduciaries' or wealth managers at the end of 2013.

The latest data from Zurich-based SNB comes at a time when Switzerland is facing growing pressure from India and many other countries to share foreign client details, while its own lawmakers are resisting such measures.

India has also constituted a Special Investigation Team (SIT) to probe cases of alleged black money of Indians, including funds stashed abroad in places like Switzerland.

The funds, described by SNB as 'liabilities' of Swiss banks or 'amounts due to' their their clients, are the official figures disclosed by the Swiss authorities and do not indicate towards the quantum of the much-debated alleged black money held by Indians in the safe havens of Switzerland.

SNB's official figures also do not include the money that Indians or others might have in Swiss banks in the names of entities from different countries.


  • India moving just one rank on ease of doing business is an eye opener

    Narendra Modi government’s disappointment on 130th ranking assigned to India on ‘ease of doing business’ by the International Finance Corporatio


Stay informed on our latest news!


BK Chaturvedi

Why is India doing badly on hunger?

Health of its young is a vital policy issue for ...

Rajgopal Nidamboor

Perceiving is more than what meets the eye

Philosopher Aristotle emphasised the fact that “thinking always involves thinking ...

Shona Adhikari

Owais Husain searches for a lost homeland

The seventh edition of the Mumbai Public Art Festival (PAF) ...