Indian money in Swiss banks drops by one-third to Rs 8,392 crore

Money held by Indians in Swiss banks fell by one-third to record low of Rs 8,392 crore amid an enhanced clampdown against the famed secrecy wall of Switzerland's banking system by Indian and other governments.

Zee Media Bureau

New Delhi: Money held by Indians in Swiss banks fell by one-third to record low of 1.2 billion franc or Rs 8,392 crore, amid an enhanced clampdown against the famed secrecy wall of Switzerland's banking system by Indian and other governments.

This is the lowest amount of funds held by Indians in the Swiss banks ever since the Alpine nation began making the data public in 1997 and marks the second straight year of decline.

Funds held directly by Indians slipped to 1,207 million Swiss franc, while money held through fiduciaries or wealth managers hit record low of 10.9 million franc.

The funds held by Indians with banks in Switzerland fell by CHF 596.42 million to CHF 1,217.6 million at the end of 2015, as per the latest data released today by the country's central banking authority SNB (Swiss National Bank).