India slips to 75th place on money in Swiss banks

Q.  India has slipped to 75th place on money in Swiss banks. Which country remains at the top according to latest figures released by Swiss National Bank?
- Published on 04 Jul 16

a. UK
b. US
c. Germany
d. France

ANSWER: UK
 
While UK has remained on the top, India has slipped to 75th place in terms of money held in Swiss banks.
  • India was placed in 61st rank in 2015 while it used to rank among the top-50 countries in terms of holdings in Swiss banks till 2007
  • Country also ranked highest at 37th place in 2004
  • According to the latest annual update on Swiss Banks released by Switzerland central bank SNB or Swiss National Bank, total money held by foreign clients from across the globe fell by 4 percent to Swiss franc 1.42 trillion which is around INR 98 lakh crore
  • As far as individual countries are concerned, UK counted for the largest chunk of CHF 350 billion or almost 25 percent of the total foreign money with Swiss banks
  • US came in second with CHF 196 billion or 14 percent
  • Others in the top 10 included Hong Kong, Panama, France and Germany
  • Russia was ranked 17th and China 28th while Brazil was 37th

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