India was placed at 61st position in terms of foreigners’ money in Swiss banks. This was revealed by latest data released by Swiss National Bank (SNB), the central bank of Switzerland, in the fourth week of June 2015.
As per the data, India now accounts for a meagre 0.123 per cent of the total global wealth worth 1.6 trillion US dollars in Switzerland's banking system.
Indians' money in Swiss banks declined by over 10 percent to about 1.8 billion Swiss francs (1.98 billion US dollars or 12615 crore rupees) in 2014.
This is the second lowest level of Indian money in Swiss banks, after an increase of over 40 percent in 2013. Further, the decline comes amid an enhanced clampdown against the famed secrecy wall of Switzerland's banking system.
The big banks accounted for 1.48 billion Swiss francs of Indians' money which was up from 1.36 billion Swiss francs in 2013.
Now get latest Current Affairs on mobile, Download # 1 Current Affairs App
When: Fourth week of June 2015
Fourth week of June 2015
DISCLAIMER: JPL and its affiliates shall have no liability for any views, thoughts and comments expressed on this article.