As per the survey conducted by Swiss Bankers Association, protection of financial privacy remains important for people in the country with 86 per cent of respondents believing that the financial details of bank clients must be protected from third parties.
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.
The Swiss banks' proposal to levy a withholding tax on the income generated from assets of Indian nationals and held in Swiss banks, is not worth treating seriously.
Switzerland makes public 2,600 dormant a/c; 4 from India.
Switzerland remains the 'biggest private banking financial centres for cross border wealth management' with assets worth over CHF 2.11 trillion ($2.2 trillion), as per the study conducted by the Swiss Bankers Association and the Boston Consulting Group.
There are still bumps in the road ahead for Swiss banks.
During deleveraging the income falls more than reduction in debt due to the austerity measures.
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