Money in Swiss banks: India behind South Africa

India was placed at 75th position in 2015 and at 61st in the year before that, though it used to be among top-50 countries in terms of holdings in Swiss banks till 2007. The country was ranked highest at 37th place in the year 2004.

The latest data from Zurich-based SNB comes ahead of a new framework for automatic exchange of information between Switzerland and India to help check the black money menace.

The funds, described by SNB as ‘liabilities’ of Swiss banks or ‘amounts due to’ their clients, are the official figures disclosed by the Swiss authorities and do not indicate to 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, NRIs or others might have in Swiss banks in the names of entities from different countries.

The total money held in Swiss banks by foreign clients from across the world, incidentally rose by a small margin from 1.41 trillion Swiss francs (CHF) to CHF 1.42 trillion during 2016.

In terms of individual countries, the UK accounted for the largest chunk at about CHF 359 (over 25 per cent) of the total foreign money with Swiss banks.

India was also the lowest ranked among the BRICS nations — Russia was ranked 19th (CHF 15.6 billion), China 25th (CHF 9.6 billion), Brazil 52nd (CHF 2.7 billion) and South Africa 61st (CHF 2.2 billion).