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India climbed to 73rd place in terms of money parked by its citizens and its companies with Swiss banks, while the United Kingdom remains in the lead
India slipped to 88th place with a 44% fall in 2016, but the latest data from the Swiss National Bank (SNB) show an increase of more than 50% in 2017 to CHF 1.01 billion (around Rs 7,000 crore).
Pakistan is now placed higher than India in 72nd position, The funds, described by the SNB as "debts" of Swiss banks or "amounts due to" their customers, are figures published by Swiss. The official figures, released each year by the Swiss central bank, also do not include the money that Indians, NRIs or Indians spent. others may have in Switzerland b
It has often been claimed that Indians and other nationals seeking to conceal their illicit wealth abroad used multiple jurisdictions, including tax havens, to transfer Money in Swiss banks. 19659002] In addition, with the establishment by Switzerland of a framework of automatic exchange of information with India and various other countries, the famous secret walls of Swiss banks would have collapsed. India will begin to obtain this automatic data as early as next year, while it has already obtained information on accounts where evidence of illicit funds can be provided.
However, the increase in Indian money in Swiss banks has already triggered on the government, which in turn said that it would be wrong to badume that all the funds deposited in Swiss banks were "black money" and strong action would be taken against the wrongdoers.
Funds officially held by the Indians with banks in Switzerland represents only 0.07%, against 0.04% a year earlier, of the total funds held by all foreign customers in the Swiss banking system, according to an badysis of the latest figures established by the SNB (Swiss National Bank) as End of the Year
India ranked 75th in 2015 and 61st the year before, although 39, it ranked among the top 50 countries in terms of holdings in Swiss banks until 2007. The country ranked 37th in the total money held in Swiss banks by foreign customers of the world whole increased from about 3 percent to CHF 1.46 trillion (about Rs 100 lakh crore) in 2017.
In terms of individual countries, the United Kingdom continued to account for the largest share of the world. approximately 403 billion Swiss francs (over 27%) of the total foreigners to Swiss banks. The UK has seen an increase of more than 12% in these funds.
The United States remains in second position despite a decline of about 6% of these funds to 166 billion francs (11% of all foreign funds). No other country accounted for a two-digit percentage, while others among the top ten included the Caribbean, France, Hong Kong, the Bahamas, Germany, Guernsey, Luxembourg and the Cayman Islands [19659010]. 20th (CHF 160 billion with an increase of 67% in 2017), Russia 23rd (CHF 135 billion after 13% decrease), Brazil 61st (CHF 1.9 billion after 28% decrease) and 39, South Africa 67th (CHF 1.5 billion after a decline of 31%). Of these five countries, only China and India saw an increase in their funds.
Other countries clbadified in India: Singapore, United Arab Emirates, Saudi Arabia, Panama, Japan, Jersey, Australia, Netherlands, Italy, Belgium, Cyprus, Israel, Mexico, Bermuda, Turkey, Kuwait, Marshall Islands, Canada , Thailand, South Korea, Malaysia, Belize, Isle of Man, Indonesia, Seychelles, Gibraltar, Samoa, New Zealand, Philippines, Iran, Kazakhstan and Ukraine.
Below India were Mauritius (77th), Bangladesh (95th), Sri Lanka (108th), Nepal (112th), Vatican City State (122nd), Iraq (132nd), Afghanistan (155th), Burkina Faso (162nd), Bhutan (203rd), North Korea (205th) and Palau ranked 214th
The total money of the developed countries increased by 10% to 876 billion francs, while those in developing countries rose slightly to 209 billion francs. Extraterritorial financial centers fell by 3% to CHF 378 billion
India ranked among the top 50 continuously between 1996 and 2007, but began to decline thereafter – 55th in 2008, 59th in 2009 and 2010, 55th again in 2011, 71st in 2012 and then 58th in 2013.
In terms of percentage increase, India's 50% rise was in 23rd place. Solomon Islands recorded a maximum increase of 4,000 per cent, followed by more than 2,200 per cent for the Faroe Islands and 1,200 per cent for the British Indian Ocean Territory
. , Turkmenistan, Laos, Lesotho, Qatar, Bonaire, St. Eustatius and Saba, Federated States of Micronesia, Equatorial Guinea; Sao Tome and Principe
Other countries that experienced a larger increase than India were Guyana, Mongolia, Barbados, Cote d'Ivoire, South Sudan, Bahrain, Kuwait and Ireland. Palau, St. Helena and The Gambia, while North Korea, Bhutan, Macao, Burkina Faso and Iraq also recorded significant declines.
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