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Daily News Analysis 19-06-2015

Indian funds in Swiss banks see a dip due to black money heat (Pages 1 and 10)

a)     I.R

b)     National

a)     India – Switzerland relations

b)     Black money

c)     Special Investigation Team (SIT)

a)     According to the Swiss National Banks annual report for 2014, funds held by Indians in Swiss banks in 2014 fell to 1.8 billion swiss francs ($1.97 billion) from around 2 billion swiss francs ($2.2 billion) in 2013, a 10.6 percent decrease.

b)     Swiss banks in 2014 had $1.6 trillion of foreign funds, up from $1.4 trillion in 2013. The increased scrutiny on banking system led to a fall in foreign funds in 2012 and 2013, but this trend was bucked by 11 percent increase in foreign funds in 2014.

c)     This latest data comes at a time when Switzerland has finally begun to share foreign client details following the submission of evidence of wrongdoing.

d)     The figures released in the Swiss National Banks annual report for 2014 do not take into account the sums of money Indians might have parked under the names of entities from other countries.

e)     In India, the govt has formed a SIT to probe cases of black money being held by Indians, including the funds held by them in banks of other countries like Switzerland.

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