- According to the latest data released by the Swiss National Bank, the funds held by Indians in Switzerland has increased to more than Rs. 14000 crore. This number is excluding the black money. A 40% rise was seen in 2013 alone.
- This is in stark contrast to the decreasing funds of other foreign nationals owing to the global clampdown gainst the famed secrecy wall of the Switzerland banking system.
- While 1.95 billion francs are held directly by Indian individuals and entities, 77.3 mllion francs was held through fiduciaries- wealth fund managers who hold the money of Indian private holders and families in the so-called numbered accounts.
- These funds are the official figures of what is described by SNB as ‘liabilities’ of Swiss banks or ‘amounts due to’ their clients, and exclude the alleged black money.
- This also excludes the money that Indians may have in banks of other countries.
- Indian money in Swiss banks also rose in 2011, was at its highest in 2006, but had declined for 4 straight years till 2010.
- Read at: http://www.thehindu.com/todays-paper/tp-business/indian-money-in-swiss-banks-swells-to-over-rs14000-crore/article6131906.ece
Exams Perspective:
- White Paper on Black Money
- FATF
- Black Money