The funds of about 2.18 billion Swiss francs (about Rs 12,740 crore) do not indicate towards the quantum of the much-debated alleged black money held by Indians in the safe havens of Switzerland.
New Delhi: Switzerland said the quantum of money held by Indians in Swiss banks stood at 2.18 billion Swiss francs (about Rs12,740 crore) at the end of 2011 – rising for the first time in the past five years, reports PTI.
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The funds, described by SNB as ‘liabilities’ of Swiss banks towards their clients from India, are the official figures disclosed by the Swiss authorities and do not indicate towards the quantum of the much-debated alleged black money held by Indians in the safe havens of Switzerland.
Also, SNB’s official figures do not include the money that the Indians or other nationals have in Swiss banks in the names of others. Also at this time there is no official estimate for these funds, but some of the people estimates as high $20-$25 billion.
From the data of SNB, Switzerland’s central bank, the quantum offunds held by Indians in Swiss banks had last increased in 2006 by about one billion Swiss francs to 6.5 billion Swiss francs (over Rs40,000 crore), but fell to less than one-third by the end of 2010. It rose by about Rs3,500 crore in 2011.
In a White Paper on black money tabled in Parliament last month, the Indian government had also mentioned that the total liabilities of Swiss banks towards Indians have been coming down since 2006 and fell by more than Rs14,000 crore during the 2006-2010 period.
The liabilities stood at Rs9,295 crore at the end of 2010, compared to Rs23,373 crore in 2006.