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Indians’ money in Swiss banks hit record low at Rs 4,500 crore

Image result for Indians' money in Swiss banks hit record low at Rs 4,500 croreZURICH/NEW DELHI: Money parked by Indians in Switzerland’s banks nearly halved to 676 Swiss francs (about Rs 4,500 crore) in 2016 to hit a record low amid a continuing clampdown on the suspected black money stashed behind their famed secrecy walls.

In comparison, the total funds held by all foreign clients of Swiss banks somewhat rose to CHF 1.42 trillion or about Rs 96 lakh crore (from CHF 1.41 trillion a year ago).

The total funds held by Indians directly with Swiss banks stood at CHF 664.8 million at the end of 2016, while the same held through fiduciaries was nearly $11 million, as per the latest data published today by the country’s central banking authority SNB (Swiss National Bank).

The total money of Indians fell by 45 per cent during 2016 to CHF 675.75 million, marking the biggest ever yearly decline in such funds.

This included nearly CHF 377 million in form of customer deposits, about CHF 98 million owed to Indians through other banks and CHF 190 million in form of other ‘liabilities’.

The figures fell sharply across all categories last year, the SNB data showed.

This is the lowest amount of funds held by Indians in the Swiss banks ever since the Alpine nation began making the data public in 1987 and marks the third straight year of decline.

The funds held through fiduciaries or wealth managers alone used to be in billions till 2007 but has been falling amid fears of regulatory crackdown.

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