Money stashed by Indians in Swiss banks dips to new low

ZURICH: Money held by Indians in Swiss banks has fallen by nearly one-third to a record low of 1.2 billion franc (about Rs8,392 crore) amid a continuing global clampdown

Published on: Jul 1, 2016, 08:46:14 IST

By HT Correspondent

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ZURICH: Money held by Indians in Swiss banks has fallen by nearly one-third to a record low of 1.2 billion franc (about Rs8,392 crore) amid a continuing global clampdown on the famed secrecy wall of Switzerland’s banking system. 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 on Thursday by the country’s central banking authority SNB (Swiss National Bank). 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.

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