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Fall in money held by Indians in Swiss banks

By The Assam Tribune

ZURICH, June 18 � Money held by Indians in Swiss banks fell by over 10 per cent last year to 1.8 billion Swiss franc (about Rs 12,615 crore), amid an enhanced clampdown against the famed secrecy wall of Switzerland�s banking system by Indian and other governments, reports PTI.

This is the second lowest amount of funds held by Indians in the Swiss banks and follows an increase of over 40 per cent in the previous year, 2013.

In contrast, the money held in Swiss banks by their foreign clients from across the world surprisingly rose during 2014 to 1.5 trillion Swiss franc (Rs 103 lakh crore), from about Rs 90 lakh crore at the end of 2013 � the record low level so far.

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Fall in money held by Indians in Swiss banks

ZURICH, June 18 � Money held by Indians in Swiss banks fell by over 10 per cent last year to 1.8 billion Swiss franc (about Rs 12,615 crore), amid an enhanced clampdown against the famed secrecy wall of Switzerland�s banking system by Indian and other governments, reports PTI.

This is the second lowest amount of funds held by Indians in the Swiss banks and follows an increase of over 40 per cent in the previous year, 2013.

In contrast, the money held in Swiss banks by their foreign clients from across the world surprisingly rose during 2014 to 1.5 trillion Swiss franc (Rs 103 lakh crore), from about Rs 90 lakh crore at the end of 2013 � the record low level so far.