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- 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.
- India was ranked 73rd last year, after jumping 15 places from its 88th position a year ago.
- An analysis of the latest annual banking statistics released by the Swiss National Bank (SNB) shows that India remains ranked very low when it comes to money parked by Indian individuals and enterprises in Swiss banks, including through their India-based branches, while accounting for just about 0.07 per cent of the aggregate funds parked by all foreign clients of Switzerland-based banks.
- In comparison, the top-ranked UK accounted for more than 26 per cent of the total foreign funds parked with Swiss banks at the end of 2018.
- Among the top-ranked jurisdictions, the UK is followed by the US, West Indies, France and Hong Kong in the top five.
- The top-five countries alone account for more than 50 per cent of the aggregate foreign funds parked with the Swiss banks, while the top-10 account for nearly two-thirds.
- The top-15 countries account for nearly 75 per cent of all foreign money in Swiss banks, while the contribution of the top-30 is almost 90 per cent.
- The top-10 countries also include Bahamas, Germany, Luxembourg, Cayman Islands and Singapore.
- The countries ranked higher than India also include Mauritius (71st), New Zealand (59th), the Philippines (54th), Venezuela (53rd), Seychelles (52nd), Thailand (39th), Canada (36th), Turkey (30th), Israel (28th), Saudi Arabia (21st), Panama (18th), Japan (16th), Italy (15th), Australia (13th), UAE (12th) and Guernsey (11th).
- However, several of India’s neighbouring nations are ranked lower, with Pakistan ranking 82nd, Bangladesh 89th, Nepal 109th, Sri Lanka 141st, Myanmar 187th and Bhutan 193rd.
- The funds officially held by Indians with banks in Switzerland now accounts for only 0.07 per cent of the total funds kept by all foreign clients in the Swiss banking system, almost same as the level seen at 2017-end after a modest increase from 0.04 per cent a year before that, as per an analysis of the latest figures compiled by the SNB (Swiss National Bank) as on 2018-end.
- India was placed at 75th position in 2015 and 61st in the year before, though it used to be among the top-50 countries in terms of holdings in Swiss banks till 2007. The country was ranked highest at 37th place in the year 2004.
- The total money held in Swiss banks by foreign clients from across the world fell by about 4 per cent to CHF 1.4 trillion (about Rs 99 lakh crore) in 2018.