Friday, June 21, 2013

BLACK MONEY: Indian Swiss stash dips to record low

Zurich/New Delhi: Indians’ money in Swiss banks has fallen to a record low of about Rs 9,000 crore (1.42 billion Swiss francs), as a global clampdown against the famed secrecy wall of Switzerland’s banking system made it unattractive for their global clients.

The total funds held by Indian individuals and entities included 1.34 billion Swiss francs held directly by Indian individuals and entities, and another 77 million Swiss francs through ‘fiduciaries’ or wealth managers at the end of 2012, as per the latest figures released by the Swiss National Bank in Zurich.

Data further showed that Indians’ money there fell by 35% or Rs 4,900 crore in 2012. AGENCIES

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