No Result
View All Result
  • Login
Sunday, May 22, 2022
Afternoon Voice
SUBSCRIBE
  • Home
  • Top News
  • City News
  • Nation
  • World
  • Entertainment
    • Bollywood
    • Hollywood
  • Sports
    • Cricket
    • Hockey
    • Tennis
    • Football
    • Badminton
  • Editorial
  • Opinion
    • Column
    • Diary
    • Letters
  • Epaper
  • More
    • Editor’s Pick
    • Featured
    • Lifestyle
    • Different Strokes
    • Multimedia
    • Sci-Tech
    • Politics
No Result
View All Result
  • Home
  • Top News
  • City News
  • Nation
  • World
  • Entertainment
    • Bollywood
    • Hollywood
  • Sports
    • Cricket
    • Hockey
    • Tennis
    • Football
    • Badminton
  • Editorial
  • Opinion
    • Column
    • Diary
    • Letters
  • Epaper
  • More
    • Editor’s Pick
    • Featured
    • Lifestyle
    • Different Strokes
    • Multimedia
    • Sci-Tech
    • Politics
No Result
View All Result
Afternoon Voice
No Result
View All Result
  • Home
  • Top News
  • City News
  • Nation
  • World
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Epaper
  • More

Home > Uncategorized > Swiss money: India moves up to 58th rank; UK remains on top

Swiss money: India moves up to 58th rank; UK remains on top

afternoonvoice@gmail.com' by Afternoon Voice
June 22, 2014
in Uncategorized
A A
0

SwissmoneyIndia has moved up to 58th rank in terms of foreign money lying with Swiss banks, but it accounts for a meagre 0.15 per cent of an estimated USD 1.6 trillion total global wealth held in Switzerland’s banking system.

The UK has retained its top position with highest share of close to 20 per cent of global wealth in Swiss banking system, followed by the US, West Indies, Germany and Guernsey in the top-five in terms of exposure to banks in Switzerland.

Amid much hue and cry over huge amounts of illicit wealth stashed by Indians in Swiss banks, the latest official data released by Switzerland’s central banking authority SNB shows that Indian money in Swiss banks rose by 43 per cent during 2013 to close to Rs. 14,000 crore (2.03 billion Swiss francs), pushing its global ranking up from 70th at the end of 2012.

The rankings are based on the direct client exposure as also the funds held through ‘fiduciaries’ or wealth managers with a total of 283 banks in Switzerland.

India now ranks higher than Pakistan, whose position has slipped from 69th earlier to 74th now, as its total exposure to Swiss banks declined from 1.44 billion Swiss francs at the end of 2012 to 1.23 billion Swiss francs in 2013.

However, China continues to rank higher than India, although it has slipped by four places to 30th. Among other major emerging economies, Brazil, Russia and South Africa are also ranked higher than India, whose 58th position continues to remain the lowest among major economies across the world.
The countries ranked below India include Philippines, Kazakhstan, Bahrain, Iran, Pakistan, Mauritius, Bangladesh, Palestine, Barbados, Macau SAR, Iraq, Brunei and Zimbabwe.

Among top-ranked, UK has the highest exposure of 277 billion Swiss francs, followed by the US (193 billion Swiss francs), West Indies (100 billion Swiss francs), Germany (52.4 billion Swiss francs) and Guernsey (49.6 billion Swiss francs).

In top-20, they are followed by Luxembourg, Jersey, Bahamas, France, Panama, Cayman Islands, Hong Kong, Singapore, Italy, Japan, Russia, UAE, Netherlands, Saudi Arabia and Australia.

However, only a few countries account for the bulk of global money in Swiss banks and there are only 18 countries whose exposure stands at one percent or more. Even among these, only the UK and the US have exposure of more than 10 per cent, at about 20 per cent and 14 per cent respectively.

The UK, the US and West Indies have retained their top-3 positions. Germany and Luxembourg have moved up two and three ranks respectively, while Jersey and France have come down.

Other countries ranked above India include Spain, Belgium, Israel, Bermuda, Cyprus, Argentina, Canada, Greece, Mexico, Indonesia, Gibraltar, Seychelles, Egypt, Thailand, Isle of Man, Nigeria, South Korea, New Zealand and Ukraine.

Those ranked below India and having relatively much smaller exposure of less than 100 million Swiss francs include Madagascar, Congo, Nepal, Macedonia, Sri Lanka, Burkina Faso, Vatican, Mongolia, Mozambique, Burundi, Papua New Guinea, Malawi, Maldives, Afghanistan, Myanmar, Turkmenistan, Somalia, Bhutan, Solomon Islands and Timor.

Swiss government has been refusing to share details about the Indians named in this ‘HSBC list’, which was stolen by a bank employee and later found its way to tax authorities in various countries including India.

Despite repeated requests from India, Switzerland has said its local laws prohibit administrative assistance in matters where information has been sourced illegally, including through stolen lists.

The said ‘HSBC list’ allegedly contains names of Indians and other foreign nationals having ill-gotten wealth in Swiss unit of the global banking major.

India is one of the 36 countries with which Switzerland has signed treaties to provide administrative assistance in tax matters in accordance with international standards.

afternoonvoice@gmail.com'

Afternoon Voice

Recommended For You

p chidambaram, chidambaram, congress, Jawaharlal Nehru, Narendra Modi
Uncategorized

Attempt to distort history, Nehru intervened in Goa at right time: Chidambaram on PM’s criticism

February 11, 2022
ks sethumadhavan, director, south indian, filmmaker, sethumadhavan
Uncategorized

Legendary South Indian director K S Sethumadhavan passes away

February 9, 2022
japanese, japan pm, shinzo abe, shinzo
Uncategorized

Ex-Japan PM says a Chinese military “adventure” could be “suicidal”

February 9, 2022
tayyip erdogan, erdogan, Alevi, Alevi community, AK Party
Uncategorized

Tayyip Erdogan faces uphill bid to woo Turkey’s large Alevi minority

February 9, 2022
aghanistan, afghan, violence, violence against women, taliban
Uncategorized

UN raises issue of violence against women, girls in Afghanistan

February 9, 2022
australia, covid-19, covid restrictions, australia travel
Uncategorized

Australia announces easing of travel restrictions from December 1

February 9, 2022
ADVERTISEMENT

LATEST NEWS

raj thackeray, ayodhya, raj, thackeray, mns, maharashtra navnirman sena, mns chief, ayodhya rally, brij bhushan singh, uttar pradesh, up, bjp up

Raj Thackeray’s postponement of his Ayodhya visit relieved the ruling party

May 20, 2022
raj thackeray, ayodhya, raj, thackeray, mns, maharashtra navnirman sena, mns chief, ayodhya rally

Who sent Raj Thackeray on the back foot?

May 20, 2022
cyber crime, cyberbullying, ca, chartered accountant, fraud, online fraud, mumbai police, thane police, police, Bank frauds, banking fraud, city coporation bank

Mumbai Police helped Chartered accountant to retrieve Rs 11 lakh in cyber fraud case

May 20, 2022
Bank frauds, banking fraud, city coporation bank

Cooperative Bank frauds can never stop in India?

May 19, 2022
mva, maha vikas aghadi, nana patole, pawar, uddhav, thackeray, sanjay raut, raut, sambhaji raje, rajya sabha seat

Maharashtra politics is once again in a warzone with the Rajya Sabha elections

May 18, 2022
finland, sweden, nato, nato alliance, us, turkey, turkish

Finland, and Sweden apply to join NATO, but face Turkish objections

May 18, 2022
ADVERTISEMENT

EDITOR TWEETS

Tweets by @vaidehisachin
Afternoon Voice

© 2022 Newsmakers Publications Pvt. Ltd. | All rights reserved.

Important Links

  • Disclaimer
  • Privacy Policy
  • About Us
  • Contact Us
  • Support Parallel Media

Follow Us

No Result
View All Result
  • Home
  • Top News
  • City News
  • Nation
  • World
  • Entertainment
    • Bollywood
    • Hollywood
  • Sports
    • Cricket
    • Hockey
    • Tennis
    • Football
    • Badminton
  • Editorial
  • Opinion
    • Column
    • Diary
    • Letters
  • Epaper
  • More
    • Editor’s Pick
    • Featured
    • Lifestyle
    • Different Strokes
    • Multimedia
    • Sci-Tech
    • Politics

© 2022 Newsmakers Publications Pvt. Ltd. | All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?