Annual Banking Stats By The Swiss Bank: India Slips To 74th Rank
In terms of money parked by Indian citizens and enterprises with Swiss banks, India, which was ranked in the top-50 countries between 1996 and 2007, has moved down one place to 74th rank while last year it was on 73rd rank.
When it comes to money parked by Indian individuals and enterprises in Swiss banks, India remains ranked very low shows the latest annual banking statistics.Including through India-based bank branches, while accounting for just about 0.07 per cent of the aggregate funds parked by all foreign clients of Switzerland-based banks.
As per data released by the central banking authority of the Alpine nation, Pakistan ranks at 82nd, while the countries ranked higher than India includes Canada at 36th position, New Zealand (59th), the Philippines (54th), Venezuela (53rd), Seychelles (52nd), Thailand (39th), Canada (36th), Turkey (30th) and Australia (13th).
For the first time in the last 4 years, the funds linked to Pakistan in Swiss banks have slipped under India.
In comparison, at the end of 2018, UK had accounted for more than 26% of the total foreign funds parked with Swiss banks.
An analysis of the latest annual banking statistics released by the Swiss National Bank (SNB) shows that among the top-ranked jurisdictions, UK has retained its top position, followed by the US accounting for nearly 10.3 per cent of all foreign funds, West Indies, France and Hong Kong.
The top-five countries alone hold an account for more than 50% of the aggregate foreign finances parked with the Swiss banks.