India has slipped to 88th place in terms of money parked by its citizens with Swiss banks, while the UK remains on the top. India was placed at 75th place last year, while it used to be among top 50 countries in terms of holdings in Swiss banks till 2007. The country was ranked at the 37th place in 2004.
Pakistan continued to remain placed higher than India at 71st place (although down from 69th in 2015) with about CHF 1.4 billion — though down to below 0.1% of total foreign money parked with Swiss banks.
The funds, described by SNB as ‘liabilities’ of Swiss banks or ‘amounts due to’ their clients, are the official figures disclosed by the Swiss authorities and do not indicate to the quantum of the much-debated alleged black money held by Indians in the safe havens of Switzerland.
The total money held in Swiss banks by foreign clients from across the world, incidentally rose by a small margin from 1.41 trillion Swiss francs (CHF) to CHF 1.42 trillion during 2016. In terms of individual countries, the UK accounted for the largest chunk at about CHF 359 (over 25%) of the total foreign money with Swiss banks.
India is now ranked 88th with 676 million Swiss francs (about ₹4,500 crore) — a record low after falling for three consecutive years amid a continuing clampdown on the suspected black money stashed behind their famed secrecy walls. The share of Indians’ money in the total foreign funds of Swiss banks also fell to 0.04% (from 0.08% in 2015).