Indian money in HSBC, Switzerland
This page is a summary of a three-month-long global project (2014-15) |
Contents |
The Indian Express' exclusive report
(Below is a summary. The full report can be read at Indian Express
Exclusive: HSBC Indian list just doubled to 1195 names. Balance: Rs 25420 cr
Ritu Sarin | Indian Express February 9, 2015
To obtain and investigate the Indian names, The Indian Express partnered in a three-month-long global project with the Washington-based International Consortium of Investigative Journalists (ICIJ) and the Paris-based Le Monde newspaper.
The investigation revealed 1,195 Indian HSBC clients, roughly double the 628 names that French authorities gave to the Government in 2011. The new revelation— published today as part of a global agreement — is expected to significantly widen the scale and scope of the ongoing probe by the Special Investigation Team (SIT) appointed by the Supreme Court.
Prominent people on the HSBC list include:
Businessmen (See the list on this page.)
Diamond Traders
Top diamond traders of the country, several of whom are now settled abroad, figure on the list, with mostly Mumbai addresses given. Among them, Rusell Mehta, Anoop Mehta, Saunak Parikh, Chetan Mehta, Govindbhai Kakadia and Kunal Shah.
Politicians (See the list on this page.)
NRIs/PIOs
Several prominent names include Swraj Paul, members of Manu Chhabria’s family, Rajendra Ruia/Vimal Ruia and Naresh Kumar Goyal.
HSBC, headquartered in London, when informed about the global investigation, first insisted that the ICIJ destroy its data. Told about the full extent of the reporting team’s findings (106,458 “clients” and data on major politicians, diamond traders, arms dealers and members of drug cartels), HSBC said: “We acknowledge that the compliance culture and standards of due diligence in HSBC’s Swiss private bank, as well as the industry in general, were significantly lower than they are today.”
Fascinating details
The hunt for HSBC clients took The Indian Express from Delhi and Mumbai to smaller cities such as Phagwara, Kottayam, Srinagar, Ludhiana and Shimla.
Fascinating details are revealed in the list that includes hundreds of NRIs — for instance, 84-year-old stenographer Annie Meneaud, born in Kannur, Kerala, whose account was opened in Dubai and had a balance of $100,020.
Then there are some mysterious HSBC account-opening statements, such as one named “H.G.P” for a Kolkata-born UK citizen who has given a Carlton House Terrace address and, as the statement shows, instructed that all transactions be kept in the bank’s safe deposit box. This 74-year old client’s balance: $133.52 million.
A scrutiny shows there are 276 account holders with at least $1 million in their balance of whom 85 are residing in the country.
Topping the list of account-holders with an India connection is prominent London-based PIO Swraj Paul with a balance of $386 million. The lowest balance is for Gujarat-born UK citizen Naman Sarwar Malik, who has $669 in his account.
The Indian Express was the first to report, on August 7, 2011, that French authorities had handed over details of around 700 HSBC account holders and, as was the case in several countries, a frantic tax chase began.
Govt’s action so far
Top officials of the Central Board of Direct Taxes (CBDT) said that undisclosed income to the tune of Rs 3,150 crore ($508 million) has been brought to tax from among HSBC account-holders but pointed out that there were some significant gaps in the data — some 200 accounts with the Government had no balance and 211 of them were of NRIs.
Such updated data is being regularly provided by the CBDT and the SIT to the Supreme Court, and officials said that tax collections, penalties and prosecutions are being chased on war footing.
A confidential note dated October 27, 2014, shows that following a video conference on the subject of HSBC collections, the prosecution of HSBC officials was being contemplated.
The note reads, “It has been explained that involvement of HSBC/its officials in opening and operation of the accounts also needs to be identified and reported to the Board… such facts would be extremely important while considering prosecution of HSBC/ its officials as abettors to Indian assesses.”
Several HSBC account-holders contacted by The Indian Express said that they objected to what some described as the “high-handedness’’ of the Income Tax Department. [The reactions of account-holders like Mr Kuldip Singh Dhingra and Mr Jitendra Virwani have been mentioned against their names elsewhere on this page.]
There are many account holders, led by Delh-based industrialist Sanjiv Lamba, who approached the Settlement Commission and obtained immunity from prosecution. Suresh Nanda, himself an NRI, said his brother Paul Nanda and his son Sanjeev Nanda had also approached the Settlement Commission and paid up taxes there.
Until Januar 2015, CBDT officials said, 27 HSBC account-holders had paid up penalties and 15 were facing prosecution proceedings for concealment of income in the accounts. The SIT has reportedly been informed that the target number for HSBC account-holders to be prosecuted is 300. But that was based on the list of over 600. Now that the list has doubled, sources said, the scope of the investigation just widened.
Diamonds are for Swiss banks
77 diamond traders have HSBC accounts
(Below is a summary. The full report can be read in The Indian Express. A graphic from the article has been archived on this page.
Why diamonds are the HSBC list’s best friend
Appu Esthose Suresh | The Indian Express |February 10, 2015
In the HSBC list, 77 account-holders are connected to the diamond industry. 64 of them are beneficial owners from 12 families and only 13 are individual account holders. The deposits of the 77 total an estimated $203 million. All have bases in the Belgian city of Antwerp.
India is the global manufacturing hub, where much of the cutting and polishing is done.
Appu Esthose Suresh travelled to Mumbai to find out how a closely knit, mostly familial network controls the industry.
Kinship, trade fuel trade through diamond pipeline
In October 2013, the Paris-based Financial Action Task Force handed in a report revealing what lies at the heart of the diamond trade:
“According to industry sources, it is difficult for a new and unknown individual to get involved in the trade of diamonds without being referred or introduced by an already established dealer,” the task force summed up.
The Indian Express visited Bharat Diamond Bourse on Mumbai’s Bandra Kurla Complex, the biggest diamond trading centre in India. Here, deals are struck not over stamp papers, but via firm handshakes. Such is the trust, such are the ties that diamonds worth millions are given on credit for sale without any formal agreement.
Industry sources in Mumbai said that the first generation of 11 of the 12 families who hold HSBC accounts came from Palanpur and migrated to Antwerp.
In India, where there is no tax on import of rough diamonds, the precious stones are vulnerable to misuse – these are often used for illegal money transfer, money laundering and exploitation of credit facilities.
The Income Tax (I-T), Enforcement Directorate (ED) and Directorate of Revenue Intelligence (DRI) have named diamond traders in at least 65 cases. It is alleged that they are key players in trade-based money laundering of an estimated Rs 60,000 crore.
A February 2014 internal I-T paper on the diamond traders of Surat and Mumbai outlines how traders facilitate bogus entries through which black money is converted to legitimate money for other sectors such as real estate.
A forensic report dated October 28, 2013, submitted by a consortium of banks to the Reserve Bank of India in connection with the credit facility used by a diamond trading company, underlines: “It is very common for one family to have multiple companies under multiple names across geographies that receive exports from India so that companies can avail import duty allowances and letters of credit from banks.”
DRI investigations in the last two years have listed 41 instances of the involvement of Hong Kong-based diamond traders in high-value money transfer.
A report by the GJEPC to the Commerce Secretary in October 28, 2014, stated: “Huge discrepancies were observed in the trade data which indicated that there has been import of rough diamonds from Hong Kong at a very high value per carat, and exporting almost same volumes of carats at a very nominal price, resulting in loss of foreign exchange to the nation. A similar analysis done for other trading centers such as Belgium and Israel etc does not indicate such alarming variations…”
From the list, who and how much:
K
KAKADIAS of SHEETAL GROUP
BALANCE: $9,100
The Kakadia family of Surat-based Sheetal Group had $9,100 (Rs 5.64 lakh) in HSBC in 2006-07.
M
MEHTAS of GEMBEL GROUP and LILAVATI HOSPITAL
BALANCE: $6.80 m
Chetan Mehta, father Prabodh Kirtilal Mehta, Bhavin Mehta, father Rashmi Kirtilal Mehta, hold $6.8 million (Rs 42.16 crore) in HSBC as beneficial holders of four companies registered in Switzerland. Prabodh Kirtilal Mehta was conferred the Order of Leopold II from the King of Belgium in 1993 and Officer in de Kroonorde in 2004.
MEHTAS of MOHIT DIAMONDS
BALANCE: $16.23 Muslim
Six from the family of Vrajlal Mehta own approximately $16.23 million (Rs 100.62 crore) in three Antwerp-based companies which have accounts with HSBC. Two account holders also figure in the British Virgin Islands list released by the ICIJ in 2014.
Anoop Mehta said, “I don’t have any account in HSBC.”
RASIKLAL KUMAR MEHTA and NITA KUMAR MEHTA
BALANCE: $117,216
The balance in the account of Rasiklal Mehta for 2006-07 was $117,216 (Rs 72.67 lakh).
MEHTAS of ROSY BLUE
BALANCE: $53.63 mn
Six of this family of diamantaires have $53.63 million (Rs 332.50 crore) in HSBC
P
PARIKHS of MAHENDRA BROTHERS EXPORTS
BALANCE: $30.13 m
Four second-generation cousins – Saunak Jitendra Parikh, Milan Kavichandra Parikh, Jay Ketan Parikh and Raj Hiten Parikh – hold $30.13 million (Rs 186.80 crore) in HSBC. The account is held in the name of Laptis Trading Ltd and Sulay Trading Ltd, both registered in Tortola, Switzerland, known for tax management vehicles.
14 offshore accounts linked to RIL: The Indian Express
(Below is a summary. A graphic from the report {$601m. in 14 accounts linked to RIL} appears elsewhere on this page. The full report can be read at The Indian Express )
$600-mn trail to RIL in maze of 14 accounts
Appu Esthose Suresh | The Indian Express February 10, 2015
Documents related to the HSBC account holders lend an insight into the $601-million (Rs 3,726 crore) held through companies, officials and associates of Mukesh Ambani-led Reliance Industries Ltd (RIL).
While there is no clarity on the ultimate beneficial owners, an analysis of 14 HSBC bank accounts, which in turn are held by 14 offshore entities, show that these accounts are linked to RIL. These companies are interlinked through inter-corporate ownership and common officials.
A spokesperson for RIL said: “Neither RIL nor Mr Mukesh Ambani have or had any illegitimate bank accounts anywhere in the world.”
Bank data shows that a majority of these entities opened HSBC accounts a few months before the division of the erstwhile Reliance empire between the two brothers — Mukesh Ambani and Anil Ambani — on June 18, 2005.
The Walfenzaos of Monaco
The first in the series of accounts that can be clustered together under Mukesh Ambani-led RIL was opened on February 2, 2004 — Infrastructure Company Ltd. The Monaco-registered company had the largest account: $400 million (Rs 2,520 crore).
The three officials linked to Infrastructure Company Ltd are Chimanlal Jivandas Damani, James and Cathy Walfenzao.
James Walfenzao is a fiduciary management expert which specialises in setting up trusts and tax-exempt vehicles in offshore jurisdictions.
On February 2, 2004, half-an-hour after Infrastructure Company Ltd opened an account with HSBC, another account was opened: Motech Software Pvt Ltd, then headed by [Reliance’s chief liaison officer] Sandeep Tandon [see under ‘T’].
A second set of companies, which do not show any balance for 2006-07, are in turn beneficial holders of the previous set of companies which hold balance amounts. Stayer, Tremaine, Bartow are registered in the Netherlands, while Alloy and Antalis are registered in the British Virgin Islands and Lasemo in St Lucia.
The ultimate beneficial owners of these companies are not known but, according to documents maintained by HSBC, two names are common to these companies — James Walfenzao and Jairaj Sampat.
Jairaj Sampat is Managing Director of Reliance Global BV based out of the Netherlands.
In Canbar Holdings and Flag Telecom, senior RIL officials were listed as officials. In case of Canbar, where the beneficial owners are Mukesh Ambani and Anil Ambani, Sandeep Tandon was listed as an official. Similarly, in Flag Telecom, PMS Prasad (now with RIL), Sandeep Tandon and Parminder Dost were listed as officials while Anil Ambani and Mukesh Ambani were listed as beneficial owners.
Swiss HSBC’s Top 100 Indian account holders
#swissleaks: Top 100 HSBC account holders with Indian addresses
Express News Service | February 9, 2015 For the full report please click this link.
Here is the full #swissleaks list
1. Uttamchandani Gopaldas Wadhumal/Family $54,573,535
2. Mehta Rihan Harshad/ Family $53,631,788
3. Tharani Mahesh Thikamdas $40,615,288
4. Gupta Shravan $32,398,796
5. Kothari Bhadrashyam Harshad/ Family $31,555,874
6. Shaunak Jitendra Parikh/Family $30,137,608
7. Tandon Sandeep $26,838,488
8. Ambani Mukesh Dhirubhai $26,654,991
9. Ambani Anil $26,654,991
10. Krishna Bhagwan Ramchand $23,853,117
11. Dost Parimal Pal Singh $21,110,345
12. Goyal Naresh Kumar $18,716,015
13. Mehta Ravichandra Vadilal $18,250,253
14. Patel Kanubhai Ashabhai $16,059,129
15. Sachiv Rajesh Mehta $12,341,074
16. Anurag Dalmia/Family $9,609,371
17. Ravichandran Mehta Balkrishna $8,757,113
18. Kumudchandra Shantilal Mehta/Family $8,450,703
19. Patel Rajeshkumar Govindlal/Family $6,908,661
20. Hemant Dhiraj $6,237,932
21. Anup Mehta/Family $5,976,998
22. Tandon Annu $5,728,042
23. Sidharth Burman $5,401,579
24. Salgoacar Dipti Dattaraj $5,178,668
25. Dabriwala Surbhit/Family $5,000,000
26. Vaghela Balwantkumar Dullabhai $4,405,465
27. Dilipkumar Dalpatlal Mehta $4,255,230
28. Kuldip & Gurbachan Singh Dhingra $4,144,256
29. Lakhani Jamna Thakurdas $4,123,673
30. Rajiv Gupta $4,113,705
31. Sawhney Arminder Singh $3,965,881
32. Israni Loveen Gurumukhdas $3,824,104
33. Natvarlal Bhimbhai Desai/Family $3,746,078
34. Tulsiani Jawaharlal Gulabrai/Family $3,730,145
35. Gupta Rajiv $3,545,416
36. Jaiswal Ladli Pershad $3,496,063
37. Carvahlo Aloysius Joseph $3,313,788
38. Pradip Burman $3,199,875
39. Tulsiani Sham Gulabrai/Family $3,066,991
40. Vithaldas Janaki Kishore $3,031,220
41. Kumar Venu Raman $3,063,064
42. Thakkar Dilip Jayantilal $2,989,534
43. Tulsiani Partab Gulabrai $2,901,435
44. Adenwalla Dhun Dorab/Family $2,863,271
45. Burman Pradip $2,831,238
46. Tulsiani Naraindas Gulbari $2,818,300
47. Dasot Praveen $2,801,634
48. Patel Lalitaben Chimanbhai $2,741,488
49. Chatha Joginder Singh $2,732,838
50. Shyam Prasad Murarka $2,546,516
51. Dhurvendra Prakash Goel $2,488,239
52. Nanda Suresh/Family $2,303,713
53. Gidwani Anan Nelum $2,228,582
54. Pratap Chhaganlal Joisher/Family $2,209,346
55. Mehta Devaunshi Anoop $2,136,830
56. Shaw Mohammad Haseeb/Family $2,133,581
57. Ahmed Rizwan Syed/Family $2,125,644
58. Vinita Sunil Chugani $2,085,158
59. Sawney Bhushan Lal $2,043,474
60. Parminder Singh Kalra $2,042,180
61. Chowdhury Ratan Singh $1,987,504
62. Dhirani Vikram $1,915,148
63. Nanda Sardarilal Mathradas $1,824,849
64. Wilkinson Martha $1,824,717
65. Sahney Devinder Singh $1,763,835
66. Taneja Dharam Vir $1,748,541
67. Dhindsa Komal $1,597,425
68. Chatwani Trikamji/Family $1,594,114
69. Pittie Madhusudanlal Narayanlal $1,462,594
70. Bhardwaj Anil $1,435,781
71. Dipendu Bapalal Shah $1,362,441
72. Bhartia Alok $1,349,044
73. Singh Shubha Sunil $1,348,983
74. Dansinghani Shewak Jivatsing/Family $1,267,743
75. Kumar Davinder/Family $1,231,088
76. Jasdanwalla Arshad Husain Adamsi/Family $1,229,723
77. Jhaveri Harish Shantichand/ Family $1,191,144
78. Singhvi Ganpat $1,194,388
79. Milan Mehta/Family $1,153,957
80. Tuksiani Ashok Gulabrai $1,140,890
81. Modi Krishan Kumar $1,139,967
82. Garodia Bishwanath $1,071,858
83. Jagasia Anuradha Anil $1,039,648
84. Vithaldas Kishore/Family $1,020,028
85. Chandrashekar Kadirvelu Babu/Family $1,007,357
86. Galani Dipak Varandma/Family $940,191
87. Sawhney Arun Ravindranath $914,698
88. Merwah Chander Mohan $909,309
89. Patel Atul Thakorbhai $813,295
90. Nathani Kumar Saturgun $751,747
91. Sathe Subhash/Family $749,370
92. Shah Anil Pannalal/Family $742,187
93. Madhiok Romesh $719,559
94. Bhaven Prematlal Jhaveri $717,654
95. Kinariwala Kalpesh Harshad $713,340
96. Gokal Bhavesh Ravindra $699,184
97. Lamba Sanjiv $644,923
98. Shobha Bharat Kumar Asher $641,387
99. Kathoria Rakesh Kumar $589,753
100. Bhansali Alkesh Pratap Chandra $579,609
Statistics
2015
The Times of India, Nov 03 2015
Govt lacks seriousness on stashed cash: Whistleblower
Man who leaked HSBC list says a lot of info hasn't been used
Claiming that “millions of crores worth of illicit funds“ were flowing out of India, HSBC whistleblower Hervé Falciani said he was willing to cooperate with investigative agencies on tracing black money, but felt “disappointed“ by the response so far.
Falciani is facing charges in Switzerland of leaking bank account details from HSBC's Geneva branch -a list that reached the French government and was subsequently shared with New Delhi because it listed accounts of Indians who had stashed funds abroad.
“We are not here to talk about merely figures, but about possible solutions,“ Falciani said, adding that there is a “lot of information that has not been used by the Indian authorities“.
Falciani said he would require protection if he were to assist the authorities in India. Falciani has in recent months written to India twice offering his assistance in the black money probe. In April, he wrote to PM Modi, while in August he wrote to special investigation team (SIT) chief Justice M B Shah (Retd). He, however, said he was disappointed with the response and “lack of seriousness of the Indian government“.
Earlier in 2015, he had hinted that he possessed addi tional information on the lines of the list of 628 Indian entities holding accounts with the bank in Geneva. In the letter dated August 21, 2015, Falciani said,“There is an urgent need to focus... on unravelling the role of financial intermediaries. The investigation must not be restricted to interrogating clients just to find out how much they have in accounts but also how they proceeded. If this is not done, status quo will prevail as far as the black money problem in India is concerned.“ In his letter, Falciani had apparently said that the then SIT adviser K V Chowdary had met him in Paris in December, 2014, with regard to seeking assistance.
2016: Indian money in Swiss banks at Rs 4,500 crore
Indians' money in Swiss banks hit record low at Rs 4,500 crore , Jun 29, 2017: The Times of India
HIGHLIGHTS
The total money of Indians fell by 45% during 2016
The issue of black money has been a matter of big debate in India and Switzerland.
Swiss banks have also said Indians have "few deposits" in Swiss banks compared to other global financial hubs
ZURICH/NEW DELHI: Money parked by Indians in Switzerland's banks nearly halved to 676 Swiss francs (about Rs 4,500 crore) in 2016 to hit a record low amid a continuing clampdown on the suspected black money stashed behind their famed secrecy walls.
In comparison, the total funds held by all foreign clients of Swiss banks somewhat rose to CHF 1.42 trillion or about Rs 96 lakh crore (from CHF 1.41 trillion a year ago).
The total funds held by Indians directly with Swiss banks stood at CHF 664.8 million at the end of 2016, while the same held through fiduciaries was nearly $11 million, as per the latest data published today by the country's central banking authority SNB (Swiss National Bank).
The total money of Indians fell by 45 per cent during 2016 to CHF 675.75 million, marking the biggest ever yearly decline in such funds.
This included nearly CHF 377 million in form of customer deposits, about CHF 98 million owed to Indians through other banks and CHF 190 million in form of other 'liabilities'.
The figures fell sharply across all categories last year, the SNB data showed.
This is the lowest amount of funds held by Indians in the Swiss banks ever since the Alpine nation began making the data public in 1987 and marks the third straight year of decline.
The funds held through fiduciaries or wealth managers alone used to be in billions till 2007 but has been falling amid fears of regulatory crackdown.
The funds held by Indians with Swiss banks stood at a record high of CHF 6.5 billion (Rs 23,000 crore) at 2006-end, but has now come down to nearly one-tenth of that level in about a decade.
The quantum of these funds has been falling since then, except for in 2011 and in 2013 when Indians' money had risen by over 12 per cent and 42 per cent, respectively.
As per the available data since 1987, the earlier lowest ever figure was recorded in 1995 at CHF 723 million.
The latest data from Zurich-based SNB comes ahead of a new framework for automatic exchange of information between Switzerland and India to help check the black money menace.
While Switzerland has already begun sharing foreign client details on evidence of wrongdoing provided by India and some other countries, it has agreed to further expand its cooperation on India's fight against black money with a new pact for automatic information exchange from next year.
There have been several rounds of discussions between Indian and Swiss government officials on the new framework and also for expediting the pending information requests about suspected illicit accounts of Indians in Swiss banks.
The funds, described by SNB as 'liabilities' of Swiss banks or 'amounts due to' their clients, are the official figures disclosed by the Swiss authorities and do not indicate to the quantum of the much-debated alleged black money held by Indians in the safe havens of Switzerland.
SNB's official figures also do not include the money that Indians, NRIs or others might have in Swiss banks in the names of entities from different countries.
There is a view that the Indians alleged to have parked their illicit money in Swiss banks in the past may have shifted the funds to other locations after a global clampdown began on the mighty banking secrecy practices in Switzerland.
Swiss banks have also said Indians have "few deposits" in Swiss banks compared to other global financial hubs like Singapore and Hong Kong amid stepped-up efforts to check the black money menace.
On directions of the Supreme Court, India has also constituted a Special Investigation Team (SIT) to probe cases of alleged black money of Indians, including funds stashed abroad in places like Switzerland.
A number of strategies have been deployed by the government to combat the stash-funds menace, in both overseas and domestic domain, which include enactment of a new law to tackle stashing of black money abroad, amendments in the anti-money laundering Act and compliance windows for people to declare their hidden assets.
The Income Tax department had also detected over Rs 13,000 crore black money post investigations on global leaks about Indians stashing funds abroad and has launched prosecution against hundreds of entities, including those with accounts in Geneva branch of HSBC.
The taxmen had detected Rs 8,186 crore of undisclosed income against those whose names figured in the HSBC list that was obtained by India in 2011 through the French government.
Out of the total 628 cases under this list, the department got "actionable" evidence in 415 cases and assessments have been completed in 398 cases.
The Enforcement Directorate (ED) has also begun taking action, including seizure of properties, of those named in the HSBC list under a new clause in the the Foreign Exchange Management Act (FEMA).
Earlier this month, Switzerland ratified automatic exchange of financial account information with India and 40 other jurisdictions to facilitate immediate sharing of details about suspected black money even as it sought strict adherence to confidentiality and data security.
Adopting the dispatch on introduction of the AEOI, a global convention for automatic information exchange on tax matters, the Swiss Federal Council said on June 16 that the implementation is planned for 2018 and the first set of data should be exchanged in 2019.
The council, which is the top governing body of the European nation, will soon notify the Indian government about the exact date from which the automatic exchange would begin.
As per the draft notification approved by the council, the decision is not subject to any referendum -- which means there should be no further procedural delay in its implementation.
The issue of black money has been a matter of big debate in India and Switzerland has been long perceived as one of the safest havens for the illicit wealth allegedly stashed abroad by Indians.
Earlier in 2015, the money held by Indians in Swiss banks had fallen by nearly one-third to CHF 1,217.6 million (over Rs 8,000 crore).
At the end of 2015, the total funds held in Swiss banks by Indians directly stood at CHF 1,206.71 million (down from CHF 1,776 million a year ago), while the money held through 'fiduciaries' or wealth managers was down at CHF 10.89 million (from CHF 37.92 million at 2014-end). The total stood at CHF 1,814 million at the end of 2014.
The total "amounts due to customers' savings and deposit accounts" fell from CHF 425.8 million at 2015-end to CHF 376.97 million, while the money held through other banks declined from CHF 270.4 million to CHF 97.8 million (after more than doubling during the previous year).
The 'other liabilities' of Swiss banks towards Indian clients, which include funds held through securities etc, declined from CHF 510.4 million to CHF 190 million. As per the SNB data, the total money held in Swiss banks by all their foreign clients from across the world however rose from CHF 1.41 trillion (USD 1.45 trillion or about Rs 98 lakh crore) to CHF 1.42 trillion ($1.48 trillion) in 2016.
The total assets of Swiss banks in India fell from CHF 4.8 billion in 2015 to CHF 3.9 billion in 2016. This does not include any tangible assets like real estate and properties, while the amount due to Swiss banks from their customers stood at about CHF 407 million (down from CHF 570 million in 2015).
See also
Indian money in foreign banks <> Indian money in HSBC, Switzerland<> Indian money in Liechtenstein banks <> Sri Lankan money in Swiss banks<> Rich List: India <>