Indians' money in Swiss banks falls, hits second-lowest level in two decades
5 years, 6 months ago

Indians' money in Swiss banks falls, hits second-lowest level in two decades

India TV News  

Money parked by Indian individuals and enterprises in Swiss banks, including through India-based branches, fell by nearly 6 per cent in 2018 to 955 million Swiss francs to hit its second-lowest level in over two decades, Swiss National Bank data showed Thursday. According to the SNB, its data for 'total liabilities' of Swiss banks towards Indian clients takes into account all kinds of funds of Indian customers at Swiss banks, including deposits from individuals, banks and enterprises. The SNB data had shown the total liabilities of Swiss banks towards Indian clients rising by over 50 per cent in 2017 to CHF 1.01 billion, reversing a three-year downward trend. As per the latest figures, the total customer deposits of Indian clients rose to CHF 572 million in 2018, but funds held through banks fell to CHF 104 million, while money parked through securities and other instruments and via fiduciaries also declined.

2018 Data Money Indian Million Cent Funds Banks Total Indians Switzerland Swiss Two Decades Chf Bis Snb Swiss Banks Swiss Bank Indian Clients  secondlowest  chf  money  swiss  hits  decades  cent  data  falls  level  2018  banks  indians  total  indian  million  funds

History of this topic

SNB Will Resume Payouts to State Coffers After Record Profit
4 days, 9 hours ago

SNB Will Resume Payouts to State Coffers After Record Profit

Live Mint  

-- The Swiss National Bank anticipates a profit of about 80 billion francs for 2024, a record result that will allow the institution to resume payouts to state coffers. Annual income from the central bank’s pile of foreign exchange reserves, accrued as a result of its years of purchases to weaken the franc, totaled around 67 billion francs, it said …

SNB Posts $88 Billion Profit, Will Resume Payouts to State
4 days, 9 hours ago

SNB Posts $88 Billion Profit, Will Resume Payouts to State

Live Mint  

-- The Swiss National Bank anticipates a profit of about 80 billion francs for 2024, a result that will allow the institution to resume payouts to state coffers. Annual income from the central bank’s pile of foreign exchange reserves, accrued as a result of its years of purchases to weaken the franc, totaled around 67 billion francs, it said Thursday. …

Mint Quick Edit: Contain the damage from the Swiss roll-back of a tax benefit
4 weeks, 2 days ago

Mint Quick Edit: Contain the damage from the Swiss roll-back of a tax benefit

Live Mint  

The investment relationship between India and Switzerland has taken a blow, with the latter having withdrawn the most favoured nation status it granted India as part of a double taxation avoidance agreement. The reason, it said, is the effect of a 2023 ruling by India’s Supreme Court on a case involving Nestle that the pact’s MFN clause doesn’t automatically kick …

No estimate of money deposited by Indian citizens, firms in Swiss banks: FM
2 years, 5 months ago

No estimate of money deposited by Indian citizens, firms in Swiss banks: FM

Live Mint  

Finance Minister Nirmala Sitharaman in a written reply to Lok Sabha on Monday said the government raised a tax demand of ₹14,820 crore as of May 2022, after completing an assessment of 368 cases under the Black Money law for undisclosed foreign income and assets. The FM said there is no official estimate of the amount of money deposited by …

Swiss bank details about real estate properties owned by Indians to be revealed this month | 7 points
3 years, 4 months ago

Swiss bank details about real estate properties owned by Indians to be revealed this month | 7 points

India TV News  

The third set of Swiss bank account details of Indians under an automatic exchange of information pact with Switzerland will be revealed this month, officials told news agency PTI. Even though it is for the third time that India will get details about bank accounts and other financial assets held by Indians in Switzerland, it will be the first time …

Finance Ministry refutes reports of alleged black money held by Indians in Switzerland
3 years, 6 months ago

Finance Ministry refutes reports of alleged black money held by Indians in Switzerland

India TV News  

The Union Finance Ministry on Saturday said that increase in deposits of Indians in Swiss Banks could be on account of increase in business of Swiss bank branches located in India and raised Inter-bank transactions, rather than due to an increase in alleged black money held by Indians in Switzerland. "Reports allude to the fact that the figures reported are …

Indians' funds in Swiss banks: Govt seeks details from Swiss authorities
3 years, 6 months ago

Indians' funds in Swiss banks: Govt seeks details from Swiss authorities

India TV News  

The finance ministry on Saturday asserted that Indian customer deposits in Swiss banks have fallen since 2019, but said it is seeking details from Swiss authorities on the relevant facts along with their view on possible reasons for changes in the funds parked by individuals and entities in 2020. Quoting data from Switzerland's central bank, PTI had reported on June …

No significant chance of Indians’ Swiss bank deposits rising: Finance Ministry
3 years, 6 months ago

No significant chance of Indians’ Swiss bank deposits rising: Finance Ministry

The Hindu  

The Finance Ministry has asserted that ‘there does not appear to be any significant possibility’ of an increase in Swiss bank deposits from undeclared incomes of Indians, but has requested Swiss authorities to provide the ‘relevant facts’ and ‘possible reasons’ for changes in deposit numbers. “The Swiss authorities have been requested to provide the relevant facts along with their view …

Indians' funds in Swiss banks rise to over Rs 20k crore on surge in securities, institutional holdings
3 years, 6 months ago

Indians' funds in Swiss banks rise to over Rs 20k crore on surge in securities, institutional holdings

India TV News  

Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to 2.55 billion Swiss francs in 2020 on a sharp surge in holdings via securities and similar instruments, though customer deposits fell, annual data from Switzerland's central bank showed on Thursday. The total amount of CHF 2,554.7 million, described by the …

Era of Swiss bank secrecy over, details of Indians to come from today
5 years, 4 months ago

Era of Swiss bank secrecy over, details of Indians to come from today

India TV News  

In a major boost to Modi government's fight against the menace of black money, Switzerland will send details of bank accounts of Indian citizens in Swiss banks from today. The details to be shared by Switzerland with the Indian tax authorities under the Automatic Exchange of Information framework would include account numbers, credit balance and all kinds of financial income …

Money in Swiss banks: India slips to 74th place, UK remains on top
5 years, 6 months ago

Money in Swiss banks: India slips to 74th place, UK remains on top

India TV News  

India has moved down one place to 74th rank in terms of money parked by its citizens and enterprises with Swiss banks, while the UK has retained its top position, as per data released by the central banking authority of the Alpine nation. An analysis of the latest annual banking statistics released by the Swiss National Bank shows that India …

Indians’ Money in Swiss Banks at Second-Lowest Level in 2 Decades
5 years, 6 months ago

Indians’ Money in Swiss Banks at Second-Lowest Level in 2 Decades

The Quint  

Money parked by Indian individuals and enterprises in Swiss banks, including through India-based branches, fell by nearly 6 percent in 2018 to 955 million Swiss francs to hit its second-lowest level in over two decades, Swiss National Bank data showed on Thursday, 27 June. Aggregate funds of all foreign clients of Swiss banks also fell by over 4 percent to …

Indians' money in Swiss banks falls by nearly 6%, hits second-lowest level in over two decades
5 years, 6 months ago

Indians' money in Swiss banks falls by nearly 6%, hits second-lowest level in over two decades

Firstpost  

Aggregate funds of all foreign clients of Swiss banks also fell by over 4 percent to CHF 1.4 trillion in 2018 Zurich/New Delhi: Money parked by Indian individuals and enterprises in Swiss banks, including through India-based branches, fell by nearly 6 percent in 2018 to 955 million Swiss francs to hit its second-lowest level in over two decades, Swiss National …

As part of AEOI agreement with India under Modi, Switzerland-based banks notifies 11 Indians to share bank account details
5 years, 7 months ago

As part of AEOI agreement with India under Modi, Switzerland-based banks notifies 11 Indians to share bank account details

Op India  

In a significant move to share financial information with India, the Swiss authorities have shot notices to 11 Indians holding Swiss bank accounts. The notice sent by Swiss authorities to Indian clients of Switzerland-based banks last week notifies that they have been given one last chance to appeal against sharing of their details with India. According to data published by …

Swiss money: SNB bank says its data include total deposits of Indian customers
6 years, 5 months ago

Swiss money: SNB bank says its data include total deposits of Indian customers

Firstpost  

The Swiss National Bank further said its figures include the “data from branches of Swiss banks in India” and therefore the locational banking statistics compiled by the Bank for International Settlements, a global central banking body, would be more reliable. New Delhi/Zurich: Amid a controversy over its official data showing 50 percent surge in Indians’ money in Swiss banks last …

Piyush Goyal dismisses Congress' claims of increasing Indian deposits in Swiss banks, says it has dropped by 34% since 2014
6 years, 5 months ago

Piyush Goyal dismisses Congress' claims of increasing Indian deposits in Swiss banks, says it has dropped by 34% since 2014

Firstpost  

Piyush Goyal said that contrary to Congress President Rahul Gandhi’s assertion that deposits by Indian nationals in Swiss Banks had increased by 50 percent, the actual Indian deposits had gone down by 34 percent New Delhi: Finance Minister Piyush Goyal on Tuesday dismissed the allegations of a 50 percent jump in deposits by Indians in Swiss banks as “baseless” and …

No claimants for Rs 300 crore lying in India-linked dormant Swiss bank accounts for third year in a row
6 years, 5 months ago

No claimants for Rs 300 crore lying in India-linked dormant Swiss bank accounts for third year in a row

Firstpost  

As per the latest data released by the Swiss National Bank, funds parked by Indians with Swiss banks rose 50 percent to CHF 1.01 billion in 2017. Zurich/New Delhi: It is the third year since Swiss banks made public a list of accounts lying dormant without any trace of owners and no claimant has come forward for those with Indian …

Money in Swiss banks: India moves to 73rd place, UK remains on top
6 years, 6 months ago

Money in Swiss banks: India moves to 73rd place, UK remains on top

Live Mint  

Zurich/New Delhi: India has moved up to 73rd place in terms of money parked by its citizens and companies with Swiss banks, while the UK remains on the top. The funds, described by SNB as ‘liabilities’ of Swiss banks or ‘amounts due to’ their clients, are official figures disclosed by Swiss authorities and do not indicate to the exact quantum …

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