India ranks 61 on Swiss money list

India has slipped down to 61st position in terms of foreigners' money in Swiss banks, according to the latest data released by Switzerland's central banking authority SNB.

Indians' money in Swiss banks declined by more than 10% to about 1.8 bn Swiss francs $1.98 bn (Rs 12,615 crore) in 2014, as per a PTI report.

The country now accounts for only 0.123% of the total global wealth worth $1.6 trillion in Switzerland's banking system, as per the data released by Swiss National Bank (SNB).

This is the second lowest level of Indian money in Swiss banks -- after an increase of more than 40% in 2013 -- and the latest data comes amid an enhanced clampdown against the famed secrecy wall of Switzerland's banking system.

Meanwhile, the UK and the US have retained their top two slots with the largest shares of the foreign clients' money in Swiss banks. Pakistan has inched up to 73rd place.

Interestingly, only two big banks -- UBS and Credit Suisse -- account for nearly two-third of the total money kept by foreigners in Swiss banks, while their share in case of Indians is even higher at about 82%.

The funds, described by SNB as 'liabilities' of Swiss banks or "amounts due to the customers of banks in Switzerland" are official Swiss figures and do not indicate to the quantum of the much-debated alleged black money held by Indians in the safe havens of Switzerland.

There were 275 banks in Switzerland at the end of 2014, but only two -- UBS and Credit Suisse -- were classified as 'big banks' by Zurich-based SNB at that time.

The two big banks' share also rose in the case of the UK, the US and a number of other countries.

Their share almost doubled in case of Pakistan to 472 mn Swiss francs, but still accounted for just 36% of the total amount of 1.3 bn Swiss franc held in all Swiss banks by their clients from that country (up from just about one billion Swiss franc a year ago).

As a result Pakistan ranked one place higher to 73rd place on the overall list of the countries in terms of foreigners' money in Swiss banks. India has come down three places.

In the top-ten, the UK and the US are followed by West Indies, Guernsey, Germany, Bahamas, Luxembourg, France, Jersey and Hong Kong.

(Image: Reuters)