- According to the data released by the Swiss National Bank(SNB),India has moved down one place to 74th rank in terms of money parked by its citizens and enterprises with Swiss banks.
- Among the top-ranked jurisdictions, the UK is followed by the US, West Indies, France and Hong Kong in the top five.
- The top-five countries alone account for more than 50% of the aggregate foreign funds parked with the Swiss banks.
- The report said that India accounts for just about 0.07% of the aggregate funds parked by all foreign clients of Switzerland-based banks.
- Among the five-nation BRICS block of emerging economies,India is ranked the lowest while Russia is ranked the highest at 20th place, followed by China,South Africa and Brazil.
- Further,India was ranked in the top-50 continuously between 1996 and 2007 but its rank started declining after that continuously.
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