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Data released by Switzerland’s central bank shows that the money owed to Indian clients at the end of last year was 1.42 billion Swiss francs.
The UK tops the list while, India has now slipped to 70th position – the lowest rank among all major economies of the world, shows the analysis of annual data released by SNB on all the banks present in the European country.
India was ranked 55th for such funds a year ago with a total amount of 2.18 billion Swiss francs belonging to Indians.
Amid allegations of Indians stashing illicit wealth abroad, including in Swiss banks, the Indian government has been under pressure to bring back the unaccounted money.
Among the top-ten jurisdictions in terms of source of money with Swiss banks, the UK is now followed by the US, West Indies, Jersey, Guernsey, Germany, France, Bahamas, Cayman Islands and Hong Kong.
The funds owed by the Swiss banks to their UK clients stood at 295 billion Swiss francs, accounting for about 22 per cent of total such funds (over 1.4 trillion Swiss francs).
Total funds held by Indian individuals and entities included 1.34 billion Swiss francs held directly by Indian individuals and entities, and another 77 million Swiss francs through ‘fiduciaries’ at the end of 2012.
The major countries ranked among the top-25 include include Singapore, Japan, Italy, Australia, Russia, Netherlands, Saudi Arabia and Cyprus.
China was ranked 26th, Brazil at 39th and South Africa at 50th.
Switzerland is facing growing pressure from the US and other countries to share foreign client details.