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NEW DELHI: India has slipped to 75th place in terms of money held by its citizens in Switzerland’s banks, while the United Kingdom remains on top.
India was placed at the 61st place last year. It used to be among top 50 countries in terms of holdings in Swiss banks till 2007.
The country was ranked highest, at the 37th place, in 2004.
As per the latest annual update on Swiss banks, released by Switzerland’s central bank (Swiss National Bank), the total money held there by foreign clients fell by nearly 4 per cent to Swiss franc (CHF) 1.42 trillion at the end of 2015.
With 1.5bn Swiss francs, Pakistan placed at 69th place
In terms of individual countries, the UK accounted for the largest chunk, at about CHF 350 billion or almost 25pc of the total foreign money with Swiss banks. The US came second with nearly CHF 196bn or about 14pc.
No other country accounted for a double-digit percentage share, while others in the top ten included West Indies, Germany, Bahamas, France, Luxembourg, Hong Kong and Panama.
India was ranked 75th with CHF 1.2bn, which is not even 0.1pc of the total foreign money parked in Swiss banks and is the lowest for the country in at least two decades or since 1996 — the first year for which full comparable data is available.
Pakistan was placed higher, at the 69th place, with CHF 1.5bn — a shade better than 0.1pc of total foreign money parked in Swiss banks.
India was also lowest ranked among the BRICS nations — Russia was ranked 17th (CHF 17.6bn), China 28th (CHF 7.4bn), Brazil 37th (CHF 4.8bn) and South Africa 60th (CHF 2.2bn).
Other countries that ranked higher than India included Mauritius, Kazakhstan, Iran, Chile, Angola, Philippines, Indonesia and Mexico, while a number of so-called tax havens were also placed above, including Jersey, Cayman Islands, Cyprus, Marshall Islands, Bermuda, Belize, Gibraltar, Isle of Man, Seychelles and St Vincent and the Grenadines.
All offshore financial centres together held CHF 378bn in Swiss banks. The total for developing countries stood at CHF 207bn, while the same for the developed countries was much higher.
India was ranked in top 50 countries between 1996 and 2007, but started declining after that — 55th in 2008, 59th in 2009 and 2010 each, 55th again in 2011, 71st in 2012 and then 58th in 2013.
By arrangement with the Times of India
Published in Dawn, July 4th, 2016
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On DawnNews
Comments (69) Closed
Jul 04, 2016 08:58am
Modi haters will say - we are not convinced with this data, certainly there is modi's agent in Swiss government who prepared this data.
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Jul 04, 2016 09:08am
Modi effect. Well done. Keep it up.
R.S. Menon, Bangalore
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Jul 04, 2016 09:15am
Good job Government of India, keep it up. Data shows our black money stashed in overseas bank is declining. Still lot more to be done.
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Jul 04, 2016 09:20am
Well our businessman r smart
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Jul 04, 2016 09:21am
Really great nesws for INDIA.
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Jul 04, 2016 09:21am
A slip in rankings that a nation should be proud of..
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Jul 04, 2016 09:23am
Pressure by the Indian Govt.is showing good signs. Hope not a single paisa remains there. Defaulters should be taught a good lesson so that nobody dare do such things again.
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Jul 04, 2016 09:29am
Great job. Still a long way to go.
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Jul 04, 2016 09:34am
Well done corruption is coming down as well.Anna movement and Modi at helm of affairs both contributed
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Jul 04, 2016 09:48am
That is because Modi has warned all tax defaulters to pay their taxes by 30th September. If you pay by that time, no questions will be asked where so much money came from. If you don't pay up then get ready for raids. Modi has planned corruption free drive from October 1st. Wealthy people houses will be raided if they haven't payed the taxes.
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Jul 04, 2016 09:48am
When local currency was depreciating lot of money moved to Swiss banks.
Now other way around. Businessmen know when to make moves.
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Jul 04, 2016 10:06am
Well done India. I am so glad to read this. It pays to elect commoners to the highest office of the country so congrats to my countrymen for opting for honest and accountable Modi. His efforts and clean conduct is showing results.... keep it up !
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Jul 04, 2016 10:08am
Well, it does look good on paper. But knowing my country and its politicians (Not everyone is MODi), quite sure they must have found a new way or a new haven. Again hope, I am wrong.
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Jul 04, 2016 10:12am
Not all the Indian money in the swiss account are black money, Most of the Swiss black money accounts were reduced mainly due to pressure from Indian Government.
Black money account holders are no saints , they withdrew all the black money from Swiss and panama account and invested somewhere in the tax heavens.
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Jul 04, 2016 11:05am
This has nothing to do anything with Modi sarkar or his policies. It is just Indians have realized power of unity. I hope one day we Pakistanis realize this.
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Jul 04, 2016 11:53am
@Farrukh yes and we realises this power of unity because of him..we needed a strong leader like him..investors have become more positive because of him and thats why they are not stashing their money in swiss banks..it is also because he has taken some good concrete steps for collection of taxes..so directly or indirectly some sort of modi factor is there
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Jul 04, 2016 12:13pm
there is 100% modi effect in this. some of people have withdrawn their money on modi request and deposited in government fund, i hope that the remaining will do the same till september.
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Jul 04, 2016 12:27pm
@Farrukh So you mean Indians never realized the power of unity in the last 60 odd years? Believe it or not, Modi Govt is having an effect on India.
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Jul 04, 2016 12:28pm
Mr. Modi speak less but work more. He committed to bring back black money, though not as per promised, positive results are visible.
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Jul 04, 2016 12:34pm
The main thing is ever since the issue was raised before the last elections, big folks got the hint and moved money to various other locations - singapore and other nations which facilitate black money, real estate in India, farmlands in africa, ngos etc. Guys there are organizations with smart people hired to do this. So I dont think modi alone can solve this. He can make it tough.
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Jul 04, 2016 01:02pm
Effect of Modi
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Jul 04, 2016 01:18pm
It si Modi efferct BUT if you have seen Modi's interview lately with Goswami, you will realize that many of them who had stashed their money in Swiss banks got the oppotunity to move it to other banks and countries due to the long process Indian government has to bring this money back. The Supreme Court of India gave the nod couple of years ago but Congress has been hindering the process to save their own :)
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Jul 04, 2016 01:29pm
Congrats! Pakistan beats India in Swiss accounts holders ranking but feeling sorry for for 69th position. Hoping for 1st next year. Pakistan is a status quo state where there money laundering, smuggling, offshore companies, plea bargaining, Swiss accounts, massive protocols, London flats, Dubai possessions and tax evasions these all are indicators status symbol. A man is known by the offshore company he keeps.
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Jul 04, 2016 01:29pm
There is also a great possibility that black money is getting legitimate in India/Pakistan etc.
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Jul 04, 2016 01:42pm
Two and half years since Modi came to power with the promise of sorting out the mess of unaccounted swiss money held by Indians. And what does he do? Nothing! Deliberate inaction, giving time to the smart guys to move money to elsewhere.
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Jul 04, 2016 02:09pm
why are we India centric. if India does so do i. If india dont do still i do. we cry india in each and every statement we make. this will force india to change their name.
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Jul 04, 2016 02:16pm
Couple of months ago, there was a report that Pakistanis have US$ 200 bn in the Swiss Banks which Finance Minister Ishaq Dar (Sb) acknowledged publicly. Not only, he promised to bring it back to Pakistan. Nothing heard after that !
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Jul 04, 2016 02:28pm
In Pakistan, this will be seen a something to be proud of, infact its the opposite.
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Jul 04, 2016 02:29pm
@neutral Dont hold your breath.
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Jul 04, 2016 02:28pm
Kudos to Pakistan as they beat India.
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Jul 04, 2016 02:42pm
That means the famous Hasan Ali Khan scandal is settled? He was known to have a mind-boggling Rs 13,75,000 crore a year income in 2009, which is just a little less than the India’s defense budget for 2009-10 of Rs 1,41,700 crore! (Deccan Herald).
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Jul 04, 2016 02:43pm
@R.S. Menon - Why is it "Modi effect" if the decline started much earlier since 2008 when it was even steeper?
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Jul 04, 2016 02:50pm
Only that, the Indians have shifted their funds to several other safe places when its financial hawks got wise about Swiss accounts.
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Jul 04, 2016 02:56pm
Corruption, corruption everywhere and and no where to go?
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Jul 04, 2016 02:56pm
This is the difference between Congress and BJP in power
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Jul 04, 2016 03:06pm
@Harmony-1© http://m.timesofindia.com/india/Rs-13000-crore-black-money-unearthed-from-overseas-bank-accounts/articleshow/52930791.cms
Read this article this has never happened in India a 13000 crore was unearthed. this only happened under modi when govt acted on information recived under previous govt also prior to this 6000 crore came to India under modi. Under him a Supeme court Monitored SIT is formed (in India we can trust our courts ) these are some facts under modi
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Jul 04, 2016 03:10pm
Those of my countrymen who are praising Modi should know that this block money hasn't come back to India but it has just moved from Switzerland to elsewhere.
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Jul 04, 2016 03:12pm
I want my Country India at 175th place.
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Jul 04, 2016 03:20pm
@Lakshmi and you were following that money from swiss to its new destination. Ok then , give the info to whoever you see correct. you are the only eyewitness.
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Jul 04, 2016 03:21pm
Amazing that Pakistan ranks 69. I wonder how much of that money is Bhutto's and shareefs money?
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Jul 04, 2016 03:24pm
@Fun2sh
Modi Sarkar may have lifted its people's morale but nothing happened until Modi and Obama's hug. However , thanks to the rise in political consciousness while increasing inequality between haves and have nots as well as rising intolerance India is not only going to return to its previous 60 years of weak unity but the times ahead are full of hazards never seen before. Hypes being attached to Modi will plummet and more likely to bring national depression once figures and data fail to match expectations.
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Jul 04, 2016 03:29pm
@Brijesh - There may be many other "facts under modi", but I don't know how what you said explains the decline of money in Swiss Banks which started much earlier since 2008 and it was even steeper in those years! So, your comment is making no sense in this case!
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Jul 04, 2016 03:29pm
@BK
You are seriously mistaken, it is the other way round. The world remembers how he does not only refrain from talking too much but he often twists facts. His only agenda wherever he goes is to defame Pakistan in the eyes of the world...not realising this would actually prove counterproductive.
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Jul 04, 2016 03:37pm
Atleast Pakistan is ranking above India here.
Btw,
Thank you PM Modi, you did this in 2 years. Hindustan is proud of you!
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Jul 04, 2016 03:49pm
Sure when Arvind Kejerewal become Pm of India in future , India name will not be present in list. This is not achievement we should happy , perhaps we should try that India name should not be present in this list.
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Jul 04, 2016 04:02pm
Congratulations to Pakistan. They have overtaken India!!!!!
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Jul 04, 2016 04:36pm
We know our 'benefactors'. Don't say beneficiaries! Its a taboo word. Thanks to this Leaking Panama.
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Jul 04, 2016 05:09pm
Pakistani only have 1.5 billion , and our nation blaming every politician they are billionaire. I m sure lot of money coming from people who have bussiness in Europe where tax rate is high and few corrupt bureaucrats. But poor politician taking heat from people.
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Jul 04, 2016 06:41pm
Why swiss bank account is called black money and USA,UK and other countries bank account money is white ?
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Jul 04, 2016 07:38pm
@East Indian - I guess this is so because 'black' and 'white' are two different colours :)
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Jul 04, 2016 07:49pm
@Harmony-1© but our country was back to 58th position in 2013
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Jul 04, 2016 07:52pm
I don't care if India will become super power or not, will develop more or not - I want Modi to be prime minister for next 25 years. Good bless you sir . Proud to be your fan.
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Jul 04, 2016 08:00pm
As long as modi as pm no need hide in swiss bank they can hide in india who will asked?
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Jul 04, 2016 08:02pm
My simple basic question is whether Pakistanis are richer than Indians having SF 1.5 billion against SF 1.2 billion or more corrupt.
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Jul 04, 2016 08:06pm
@Vivek (Indore);
'Atleast Pakistan is ranking above India here.'
Yup, if this 'democracy' stands we will attain higher position.
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Jul 04, 2016 08:09pm
It just means with growing world pressure to reveal data, swiss banks are losing the charm as a secret tax haven. There had been many places providing such services in Singapore and dubai.
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Jul 04, 2016 10:52pm
All the ppl talking about Modi effect. Be aware that reduced money in Swiss account didn't come to govt as part of taxes. Media revealed list of account holders with balances. Most ppl have now transferred almost all money now to other locations.
Modi in general is doing good work.
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Jul 04, 2016 11:06pm
Indians are feeling safe to keep their money at home.
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Jul 05, 2016 01:16am
@Abbas Khan you guys are happy about it ?
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Jul 05, 2016 02:23am
@Afzal -- Or, it may happen the opposite. Right! Read the financial institutions reports.
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Jul 05, 2016 11:13am
Now they buy properties oversees instead of placing in Banks ...people have become smarter.
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Jul 05, 2016 01:51pm
@atheist The Indian money in Swiss account was never very significant, when compared to its size of Indian economy. The peak was in 2004, the year when UPA took over from NDA. Thereafter it has been steadily declining, credit goes to Modi as well as his predecessors.
Far more black money is within the country than abroad.
Lack of transparency in election funding is a major source of black money & political corruption, in India.
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Jul 05, 2016 02:21pm
@Ramdar - A fair comment finally!
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Jul 05, 2016 06:23pm
India has a cracked up the whip. Black money accounts will be depleted soon
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Jul 05, 2016 10:12pm
I read somewhere that Parvez Musaraf has a Swiss bank account ...
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Jul 06, 2016 07:44am
@Afzal : Which world--just the one you share with cousins?
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Jul 06, 2016 08:56am
@Indian
Abbas Khan is being sarcastic. Actually, I quite enjoyed his comment.
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Jul 06, 2016 10:19am
Modi ji ki jai!!
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Jul 06, 2016 11:08pm
@CALCUTTA MAN - I liked that comment too.
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