Money in Swiss banks: India slips to 74th place
| Date :01-Jul-2019 |
ZURICH/NEW DELHI:
UK remains on top spot 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 foreign funds parked with the Swiss banks
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. Among the five-nation BRICS block of emerging economies, India is ranked the lowest while Russia is ranked the highest at 20th place, followed by China at 22nd, South Africa at 60th and Brazil at 65th place in terms of amount of money parked by their residents and enterprises at the end of 2018.
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. This is the first time in the last four years that the funds linked to Pakistan in Swiss banks have slipped below that of Indians. A number of other major countries also saw their funds falling in Swiss banks amid a global clampdown against the erstwhile banking secrecy walls in the Alpine nation.