As per the data released by Swiss National Bank, Indian money in Swiss banks fell by over 10 per cent last year to 1.8 billion Swiss franc (about Rs 12,615 crore). This is the second lowest amount of funds held by Indians in the Swiss banks and follows an increase of over 40 per cent in the previous year, 2013. It has happened amid an enhanced clampdown against the famed secrecy wall of Switzerland’s banking system by Indian and other governments. The funds held by Indians with banks in Switzerland fell by CHF 215 million to CHF 1,815 million .

In contrast, the money held in Swiss banks by their foreign clients from across the world surprisingly rose during 2014 to 1.5 trillion Swiss franc (USD 1.6 trillion or Rs 103 lakh crore), from about Rs 90 lakh crore at the end of 2013 — the record low level so far.

During 2012, the Indians’ money in Swiss banks had fallen by over one-third to its lowest ever level of 1.42 billion Swiss franc (Rs 8,530 crore).

Tidbits

• Switzerland is also known as Confoederatio Helvetica – which explains the abbreviation CH.
• Switzerland ranks high in several metrics of national performance, including government transparency, civil liberties,economic competitiveness, and human development.
• Switzerland is home to numerous international organizations.
• In April 2015, Switzerland was found to be the ‘happiest’ country in the world in the third annual World Happiness Report.