Thursday, June 30, 2016
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FLASH
  • US air base near Washington on lockdown over active shooter report
  • Dhingra commission, set up by Haryana govt to probe Vadra land deal, seeks more time
  • National Commission for Women summons actor Salman Khan on July 8 regarding his rape remarks
  • Babulal Gaur resigns as Madhya Pradesh Home Minister
Indian money in Swiss banks dips by one-thirdSwiss National Bank has released the latest data. Reuters file photo

Indian money in Swiss banks dips by one-third

30 Jun 2016 | 5:09 PM

ZURICH: Money held by Indians in Swiss banks has fallen by nearly one-third to a record low of 1.2 billion franc (about Rs 8,392 crore) amid a continuing global clampdown on the famed secrecy wall of Switzerland’s banking system.

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Zurich, June 30

Money held by Indians in Swiss banks has fallen by nearly one-third to a record low of 1.2 billion franc (about Rs 8,392 crore) amid a continuing global clampdown on the famed secrecy wall of Switzerland’s banking system.

The funds held by Indians with banks in Switzerland fell by CHF 596.42 million to CHF 1,217.6 million at the end of 2015, as per the latest data released on Thursday by the country’s central banking authority SNB (Swiss National Bank).

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 1997 and marks the second straight year of decline.

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.

However, 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.

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.

This is the lowest-ever level of funds held through fiduciaries, which used to be in billions till 2007 but has been falling amid fears of regulatory crackdown.

The total “amounts due to customers’ savings and deposit accounts” fell to CHF 425.8 million (from 1,378 million a year ago), while the money held through other banks incidentally more than doubled to CHF 270.4 million (from CHF 100.6 million). The ‘other liabilities’ of Swiss banks towards Indian clients, which include funds held through securities etc, rose from CHF 297 million to CHF 510.4 million.

The latest data from Zurich-based SNB comes at a time when Switzerland has begun sharing foreign client details on evidence of wrongdoing provided by India and other countries.

It has agreed to further expand its cooperation on India’s fight against black money and expects to sign a new pact for automatic information exchange 2018 onwards. Besides, a team of Indian officials is expected to visit Switzerland soon to expedite 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 or others might have in Swiss banks in the names of entities from different countries.

As per the SNB data, the total money held in Swiss banks by all their foreign clients from across the world also fell by nearly 4 per cent or over CHF 58 billion to CHF 1.41 trillion (USD 1.45 trillion or about Rs 98 lakh crore).

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. PTI

Three-year term is short for RBI Governor: Rajan

Three-year term is short for RBI Governor: Rajan

30 Jun 2016 | 5:39 PM

NEW DELHI: RBI Governor Raghuram Rajan, whose three-year term comes to an end in nine weeks, on Thursday pitched for a longer tenure for the central bank head, saying the global practice has to be emulated in India as well.

World Bank commits $1 bn for solar projects in India

World Bank commits $1 bn for solar projects in India

30 Jun 2016 | 4:47 PM

NEW DELHI: The World Bank has announced funding support of $1 billion for expansion of solar power capacity in India. It also signed an agreement with the International Solar Alliance to collaborate on increasing solar energy use across the world.

India test-fires surface-to-air missile

India test-fires surface-to-air missile

30 Jun 2016 | 6:25 PM

BALASORE (Odisha): India on Thursday successfully test-fired a new surface-to-air missile, developed jointly with Israel, from a defence base off Odisha coast. “The test launch was a grand success and it met all the targets,” a DRDO official said.

Lesbians, gays, bisexuals not third gender, SC clarifies

Lesbians, gays, bisexuals not third gender, SC clarifies

30 Jun 2016 | 4:04 PM

NEW DELHI: The Supreme Court on Thursday refused to modify its 2014 order on transgenders while clarifying that lesbians, gays and bisexuals are not third gender.

Pakistan asks India to provide more evidence in 26/11 Mumbai attack

Pakistan asks India to provide more evidence in 26/11 Mumbai attack

30 Jun 2016 | 5:25 PM

ISLAMABAD: Pakistan on Thursday said it has asked India to provide “more evidence” for the early completion of the Mumbai attack trial in which LeT operations commander Zaki-ur Rehman Lakhvi and six others are accused.

Two militants killed in Pulwama gunfight

Two militants killed in Pulwama gunfight

30 Jun 2016 | 4:27 PM

SRINAGAR: Two suspected militants were killed in an ongoing gunfight in south Kashmir’s Pulwama on Thursday. The gunfight started at Newa village in the volatile Pulwama, 25 km from here, early in the morning.

Suspected drug overdose claims third life at K'kshetra police recruitment

Suspected drug overdose claims third life at K'kshetra police recruitment

30 Jun 2016 | 3:41 PM

KURUKSHETRA: Suspected overdose of performance-enhancing drugs taken by youths to ace physical tests at the ongoing police recruitment drive at Kurukshetra has claimed its third life in a week.

Suicide bomber kills 40 in attack on Afghan police convoy

Suicide bomber kills 40 in attack on Afghan police convoy

30 Jun 2016 | 5:23 PM

KABUL: A twin suicide attack on a convoy of buses carrying police cadets killed 37 people and wounded 40 others on Thursday, an Afghan official said.

China accuses US of ignoring facts over India’s NSG bid

China accuses US of ignoring facts over India’s NSG bid

30 Jun 2016 | 5:59 PM

BEIJING: China on Thursday accused the US of ignoring facts over India not getting entry into the NSG and claimed that the plenary meeting of the elite grouping in Seoul did not discuss the accession of any specific country.

Canada hails 65-year-old Sikh farmer for saving drowning girl by using turban

30 Jun 2016 | 6:26 PM

TORONTO: A quick-thinking Sikh man is being hailed as a hero in Canada after he saved a teenage girl from drowning by using his turban to pull her out of a river. Avtar Hothi from British Columbia used his turban to save the teen.


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CITY FOCUS

NoPunjab Deputy Chief Minister Sukhbir Singh Badal. Tribune file photo

Punjab defamed unnecessarily on drugs, says Sukhbir

30 Jun 2016 | 4:28 PM

TANDA, (HOSHIARPUR): Punjab Deputy Chief Minister Sukhbir Singh Badal on Thursday said the problem of drugs in Punjab was not as acute and the state was being defamed unnecessarily.

No

AAP failed, Capt too will: CM

30 Jun 2016 | 1:30 AM

AMRITSAR: Chief Minister Parkash Singh Badal has urged the Centre to release a special package for the natives of the border districts of the state as an acknowledgement of their sacrifices in protecting the nation.

No

Former CM Bhattal and Manpreet Badal meet traders

30 Jun 2016 | 3:39 PM

JALANDHAR: Former chief minister Rajinder Kaur Bhattal along with and former minister Manpreet Badal met representatives of various trade and industrial organisations here on Thursday and took their suggestions for the election manifesto of the Congress.

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Power staff defy ESMA, proceed on strike

Power staff defy ESMA, proceed on strike

30 Jun 2016 | 1:26 AM

CHANDIGARH: The first day of the two-day strike by the Electricity Department employees against privatisation of 23 sub-divisions evoked an overwhelming response across the state today.

Slow-paced work on Rohtang tunnel worries state

Slow-paced work on Rohtang tunnel worries state

30 Jun 2016 | 1:00 AM

SHIMLA: Fearing further delay in the completion of the Rohtang tunnel, the state government has urged the Centre to expedite the installation of a quarry plant at the north portal of the tunnel so that the project can be completed by 2019.

Mehbooba takes oath as member of J&K Assembly

Mehbooba takes oath as member of J&K Assembly

30 Jun 2016 | 2:55 PM

SRINAGAR: Jammu and Kashmir Chief Minister Mehbooba Mufti, who was elected to the state Assembly from Anantnag seat, on Thursday, took oath as a member. Mehbooba was elected to the state Assembly from Anantnag district for the fourth time on June 25 with an impressive margin of more than 12,000 votes.

Bridge over Mandakini near Bhiri a risk to lives

Bridge over Mandakini near Bhiri a risk to lives

30 Jun 2016 | 12:31 AM

MUSSOORIE: Residents of Bhiri town in Rudprayag district are irked over the dilapidated condition of a footbridge over the Mandakini, which is on the verge of collapse. The British constructed the bridge in1889 on the old Kedaranth trek route, near Bhiri, in Rudraprayag district. Schoolchildren from nearby villages and other residents use the bridge to cross the river, risking their lives in the process. Mules also pass over the bridge daily.

Global stocks surge as Brexit jitters subside

Global stocks surge as Brexit jitters subside

30 Jun 2016 | 12:50 AM

LONDON:European and Asian stock markets built on a recovery from the shattering aftermath of last week’s Brexit vote on Wednesday as investors wagered central banks would ultimately ride to the rescue with more stimulus.

NoRobert Lewandowski and Cristiano Ronaldo have had a quiet tournament so far but the latter seems to be be getting into his groove. file photo

Portugal take pole position

30 Jun 2016 | 1:52 AM

MARSEILLE:Two of Europe’s most prolific marksmen go head-to-head as Robert Lewandowski aims to end Cristiano Ronaldo’s dreams of landing an international trophy when Poland meet Portugal in a Euro 2016 quarterfinal clash tomorrow.

No

Djokovic calls for football-style Davis Cup

30 Jun 2016 | 5:23 PM

LONDON: World number one Novak Djokovic called for a football-style Davis Cup to help keep the 116-year-old tournament alive.

Former Boston Marathon winner banned for doping

30 Jun 2016 | 5:14 PM

MONACO: Former Boston Marathon winner Lidiya Grigoryeva has been banned for 2 ½ years for doping.

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