Indian money in Swiss banks rises to 2b Swiss francs

Indians' money in Swiss banks has risen to over 2 billion Swiss francs (Rs 140b), despite a global clampdown against the famed secrecy wall of Switzerland banking system. The funds held by Indians with banks in Switzerland rose by over 40 per cent during 2013, from about 1.42 billion Swiss francs at the end of previous year, as per the latest data released on Thursday by Switzerland’s central banking authority Swiss National Bank (SNB). In contrast, the money held in Swiss banks by their foreign clients from across the world continued to decline and stood at a record low of 1.32 trillion Swiss francs (about USD 1.56 trillion or over Rs 0.9 trillion) at the end of 2013.  During 2012, the Indians' money in Swiss banks had fallen by over one- third to a record low level. The total Indian money held in Swiss banks included 1.95 billion Swiss francs held directly by Indian individuals and entities, and another 77.3 million Swiss francs through 'fiduciaries' or wealth managers at the end of 2013. The latest data from Zurich-based SNB comes at a time when Switzerland is facing growing pressure from India and many other countries to share foreign client details, while its own lawmakers are resisting such measures, according to PTI.