India have more than 2.5 Billion in Swiss Banks
Indians have more than 2.5 billion in Swiss banks, but this figure of Switzerland’s central bank may be a gross of the total wealth directly and indirectly held there by entities from India.
Among a powerful discussion in India over wealth stashed away by Indians in Swiss banks, official Swiss bank figures show that the quantum of money is only a very small fraction of the total assets of all foreigners with banks in this European nation.
The ever growing wise inquiry and political quarrel over alleged stashing of black money in Swiss banks also seems to be forcing Indian entities to move their dues to other safe havens like the Middle East, Singapore and Mauritius.
According to sources, As per the official figures disclosed by Switzerland’s central bank, the Swiss National Bank (SNB), total deposits of Indian individuals and companies with all the Swiss banks put together stood at about USD 2.5 billion at the end of 2010, down from about USD 2.7 billion in 2009 and USD 3 billion in 2008. Some half a billion dollars have been moved out in the last three years, according to the central bank’s figures.
If the bank did not tell the reasons of flight of money from these accounts, officials at narrow agencies in India, they fear that Indians might be moving their funds to safe locations. Also Singapore is one location where money is being moved from Swiss banks.
Tags: India, Swiss Banks
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