Indian money in Swiss banks falls by over 10pc

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.

The funds held by Indians with banks in Switzerland fell by CHF 215 million to CHF 1,815 million (1.98 billion in the US dollar terms), from 2,030 million Swiss franc, as per the latest data released today by the country's central banking authority SNB (Swiss National Bank).

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 ($1.6 trillion or Rs 103 lakh crore), from about Rs 90 lakh crore at the end of 2013 — the record low level so far.

During 2012, the Indians' money in Swiss banks had fallen by over one-third to its lowest ever level of 1.42 billion Swiss franc (Rs. 8,530 crore).

The latest data from Zurich—based SNB comes at a time when Switzerland has begun sharing foreign client details after submission of evidence of wrongdoing by India and other foreign countries.