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Indian money in Swiss banks rise

Switzerland on Thursday said the quantum of money held by Indians in Swiss banks stood at 2.18 billion Swiss francs (about Rs 12,740 crore) at the end of 2011 -- rising for the first time in the past five years. The latest data disclosed by the swiss national bank in its annual handbook on swiss banks published on Thursday showed that the total funds held by the Indian individuals and entities include 2.025 billion swiss francs held directly by them and 158 million held through fiduciaries or wealth manager. The funds, described by SNB as 'liabilities' of Swiss banks towards their clients from India, are the official figures disclosed by the Swiss authorities and do not indicate towards the quantum of the much-debated alleged black money held by Indians in the safe havens of Switzerland. It is being suspected now that Indians having illicit wealth in Swiss banks may be moving their funds in fear of being exposed due to growing scrutiny. At the same time, even those having legitimate funds in Swiss banks may be moving away, due to a growing level of negativity attached to them.

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