On July 1, 2018 data from the Swiss National Bank shared that India has moved up to 73rd place in terms of money parked by its citizens and companies with Swiss banks, while the UK remains on the top.
India was placed at 75th position in 2015 and at 61st in the year before, though it used to be among top-50 countries in terms of holdings in Swiss banks till 2007.
India was ranked in top-50 continuously between 1996 and 2007, but started declining after that -- 55th in 2008, 59th in 2009 and 2010 each, 55thagain in 2011, 71st in 2012 and then to 58th in 2013.
India was ranked highest at 37th place in the year 2004.
India had slipped to 88th place with a 44 per cent plunge in such funds during 2016, but the latest data shows an increase of over 50 per cent during 2017 to CHF 1.01 billion (about Rs 7,000 crore).
The funds officially held by Indians with banks in Switzerland now accounts for only 0.07 per cent, though up from 0.04 per cent a year ago, of the total funds kept by all foreign clients in the Swiss banking system
Others with higher increase than India’s were Guyana, Mongolia, Barbados, Cote d’Ivoire, South Sudan, Bahrain, Kuwait and Ireland.
The jurisdictions that saw the maximum decline in such funds included Palau, St Helena and Gambia, while North Korea, Bhutan, Macao, Burkina Faso and Iraq also recorded significant dips.
Pakistan is now placed one place higher than India at 72nd position, down one slot, after 21 per cent dips in funds from that country in Swiss banks during 2017.
The total money held in Swiss banks by foreign clients from across the world rose by about 3 per cent to CHF 1.46 trillion (about Rs 100 lakh crore) in 2017.
In terms of individual countries, the UK continued to account for the largest chunk at about CHF 403 billion (over 27 per cent) of the total foreign money with Swiss banks. The UK saw an increase of over 12 per cent in such funds.
The US remains on the second position despite a dip of about 6 per cent in such funds to CHF 166 billion (11 per cent share of all foreign funds). No other country accounted for a double-digit percentage share, while others in the top-ten included West Indies, France, Hong Kong, Bahamas, Germany, Guernsey, Luxembourg and Cayman Islands.
Among BRICS countries, India remains to rank the lowest—China at 20thplace (CHF 160 billion with an increase of 67 per cent during 2017), Russia at 23rd (CHF 135 billion after 13 per cent fall), Brazil 61st (CHF 1.9 billion after 28 per cent fall) and South Africa 67th (CHF 1.5 billion after 31 per cent dip). Among these five, only China and India saw an increase in their funds.
Others ranked higher than India are: Singapore, UAE, Saudi Arabia, Panama, Japan, Jersey, Australia, Netherlands, Italy, Belgium, Cyprus, Israel, Mexico, Bermuda, Turkey, Kuwait, Marshall Islands, Canada, Thailand, South Korea, Malaysia, Belize, Isle of Man, Indonesia, Seychelles, Gibraltar, Samoa, New Zealand, Philippines, Iran, Kazakhstan and Ukraine.
Those ranked below India were Mauritius (77th place), Bangladesh (95th), Sri Lanka (108th), Nepal (112th), Vatican City State (122nd), Iraq (132nd), Afghanistan (155th), Burkina Faso (162nd), Bhutan (203rd), North Korea (205th) and Palau was last at 214th place.
The total money belonging to the developed countries rose 10 per cent to CHF 876 billion, while those from developing nations rose marginally to CHF 209 billion. The offshore financial centres actually saw a dip of 3 per cent to CHF 378 billion.
In terms of percentage increase, India’s 50 per cent rise was 23rd highest. The maximum increase of as much as 4,000 per cent was seen by Solomon Islands, followed by over 2,200 per cent for Faroe Islands and 1,200 per cent for British Indian Ocean Territory.
The increase was more than 100 per cent for Maldives, Grenada, Turkmenistan, Laos, Lesotho, Qatar, Bonaire, Sint Eustatius and Saba, Federated States of Micronesia, Equatorial Guinea; and Sao Tome and Principe.