While there are no specific data for money that could be of Indians, this includes outflows to the tune of 100 billion Swiss francs that are related to fine payments in the context of declaration of untaxed money, as per a new study by PwC.
Wegelin, founded in 1741, is Switzerland's oldest bank.
Swiss authorities have always maintained that assets held by Indian residents in Switzerland cannot be considered as 'black money' and they actively support India in its fight against tax fraud and evasion.
A Delhi court granted bail to a former accounts officer accused of swindling more than 2 lakh Swiss francs from India's Permanent Mission in Geneva to fund his crypto-gambling ventures.
Key Team Anna member N Santosh Hegde has said that it's foolish to expect blackmoney stashed away in Swiss banks by Indians as they would have "cleaned out" by now and transferred it to other tax havens.
India has moved up to 58th rank in terms of foreign money lying with Swiss banks, but it accounts for a meagre 0.15 per cent of an estimated $1.6 trillion total global wealth held in Switzerland's banking system.
India is among 75 countries with which Switzerland's Federal Tax Administration has exchanged information on financial accounts within the framework of global standards on Automatic Exchange of Information.
Bringing back money stashed in Swiss banks by Indians is not going to make any 'significant difference' to the overall economy, Prime Minister's economic advisory panel head Suresh Tendulkar said on Monday.
Indians' money in Swiss banks has fallen to a record low level of about Rs 9,000 crore.
Finance Minister Pranab Mukherjee on Monday said he has noted reports about reservations Swiss banks have in sharing client details with India, but did not say what course of action the government would take.
At a time when crackdown on tax havens has acquired a political colour, data shows that Swiss banks held securities worth $3.35 trillion in 2008, with over half managed on behalf of foreign entities.
Heralding an end to its banking secrecy wall, Switzerland will now share bank account and other details with foreign countries, including India, even without prior intimation to concerned persons and on the basis of queries emanating from stolen data.
As probe into suspected black money stashed abroad by Indians gathers steam, banks in Switzerland are running from pillar to post to safeguard their interest.
Allowing the elite to escape tax and regulation curbs economic growth, accelerates capital flight from poor countries and promotes corruption and crime around the world, says Rajni Bakshi.
The charges of aiding tax fraud, to which Credit Suisse has admitted, are serious and reflect the deep malaise that afflicts the Swiss banking system.
Swiss banks may have turned over client details to the US, but they have said India is not welcome there on a name-fishing expedition.
During 2012, the Indians' money in Swiss banks had fallen by over one-third to a record low level.
The leaked files relate to accounts holding more than $100 billion, as per ICIJ.
FIFA President Gianni Infantino is campaigning for re-election by positioning himself as the advocate for less wealthy football nations, while UEFA President Aleksander Ceferin has ruled out running against him but anticipates an opposition candidate.
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.
Will pay $780 million penalty to the US Justice Department.
This is the 2nd lowest amount of funds held by Indians.
Reliance has no illegal Swiss Bank accounts.
Prime Minister Manmohan Singh on Thursday said in Rajya Sabha that "action has already started" for getting back black money belonging to Indians from Swiss banks.
Latest data from the Swiss National Bank showed that money parked by Indians in Swiss banks rose over 50 per cent to CHF 1.01 billion
It has been in force since October 2011.
With one of the Swiss banks agreeing to provide information to the United States about its account holders, the CPI(M) on Monday demanded that the United Progressive Alliance government should seek details of Indians who have illegally stashed funds in Switzerland and other tax havens.
There are still bumps in the road ahead for Swiss banks.
Swiss banking giant Credit Suisse has pleaded guilty to the charges that it helped its American clients evade taxes and agreed to pay a penalty of $2.6 billion to avoid prosecution.
The finance ministry has initiated steps under which the Swiss Federal Court of Justice would be requested to ensure that information on specific accounts is provided by April 1, 2011.
Under pressure from India and other countries for sharing account details of suspected tax offenders, Swiss banks have said any information exchange would be according to the conditions set out by the Organisation for Economic Cooperation and Development (OECD), the grouping of mostly developed nations.
Some persons with accounts in a Swiss bank have paid taxes amounting to about Rs 180 crore so far, Finance Minister Pranab Mukherjee has said in Parliament. He did not disclose any name.
The bank charged with helping US taxpayers hide $1.2 bn in offshore bank accounts
A Mumbai court has issued a letter of request to a Swiss court to allow income tax authorities to probe accounts of stud-farm owner Hasan Ali, who is alleged to have deposited billions of dollars there.
India has received the third set of Swiss bank account details of its nationals under an automatic exchange of information pact with Switzerland, as part of an annual exercise under which the European nation has shared the particulars of nearly 33 lakh financial accounts with 96 countries.
As hundreds of world's rich congregate for the World Economic Forum Annual Meeting in Davos, many of them have also scheduled meetings with Swiss bankers to devise new strategy for their hidden wealth.
Qatar snatched their first ever World Cup point with a stoppage-time goal to draw 1-1 with Switzerland in an energetic and one-sided Group B opener on Saturday.
For starters, as Subramanian Swamy suggested, how about putting pressure on Parliament to pass a resolution concerning all PEPs to retrieve our wealth through the RIAA?
Switzerland will not share details about accounts held prior to September 2018.
The government of Switzerland would be ready to reveal the names and bank account details of Indians who have stashed away billions of dollars of black money in Swiss banks once the Indian Parliament ratifies the revised Double Taxation Avoidance Agreement that was recently signed between the two countries.
