Money Parked by Citizens in Swiss Banks

UK has topped the list of countries, of which citizens have parked their money in Swiss Bank accounts. India has ranked 88th place. Money officially held by Indians with banks in Switzerland now accounts for 0.04 per cent of the total funds.

The US came second with nearly CHF 177 billion or about 14 per cent. No other country accounted for a double-digit percentage share, while others in the top-ten included West Indies, France, Bahamas, Germany, Guernsey, Jersey, Hong Kong and Luxembourg.

Pakistan continued to remain placed higher than India at 71st place (although down from 69th in 2015) with about CHF 1.4 billion.

The latest data from Zurich-based SNB comes ahead of a new framework for automatic exchange of information between Switzerland and India to help check the black money menace.

The total money held in Swiss banks by foreign clients from across the world, incidentally rose by a small margin from 1.41 trillion Swiss francs (CHF) to CHF 1.42 trillion during 2016.