Money in Swiss banks: India continues to slip, stays at 88th place in 2016; UK on top

Zurich/New Delhi: India has slipped to 88th place in terms of money parked by its citizens with Swiss banks, while the UK remains on the top.

Representational image. AFP

Representational image. AFP

Also, the money officially held by Indians with banks in Switzerland now accounts for a meagre 0.04 percent of the total funds kept by all foreign clients in the Swiss banking system, as per an analysis of the latest figures compiled by the SNB (Swiss National Bank) as on 2016-end.

India was placed at 75th position in 2015 and at 61st in the year before that, though it used to be among top-50 countries in terms of holdings in Swiss banks till 2007. The country was ranked highest at 37th place in the year 2004.

The latest data from Zurich-based SNB comes ahead of a new framework for automatic exchange of information between Switzerland and India to help check the black money menace. 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, NRIs or others might have in Swiss banks in the names of entities from different countries. There is a view that the Indians alleged to have parked their illicit money in Swiss banks in the past may have shifted the funds to other locations after a global clampdown began on the mighty banking secrecy practices in Switzerland.

Swiss banks have also said Indians have “few deposits” in Swiss banks compared to other global financial hubs like Singapore and Hong Kong amid stepped-up efforts to check the black money menace. The total money held in Swiss banks by foreign clients from across the world, incidentally rose by a small margin from 1.41 trillion Swiss francs (CHF) to CHF 1.42 trillion during 2016.

In terms of individual countries, the UK accounted for the largest chunk at about CHF 359 (over 25 percent) of the total foreign money with Swiss banks. The US came second with nearly CHF 177 billion or about 14 percent No other country accounted for a double-digit percentage share, while others in the top-ten included West Indies, France, Bahamas, Germany, Guernsey, Jersey, Hong Kong and Luxembourg.

Indians’ share not even one-hundredth of the total money. India is now ranked 88th with 676 million Swiss francs (about Rs4,500 crore)—a record low after falling for three consecutive years amid a continuing clampdown on the suspected black money stashed behind their famed secrecy walls.

The share of Indians’ money in the total foreign funds of Swiss banks also fell to 0.04 percent (from 0.08 percent in 2015). Pakistan continued to remain placed higher than India at 71st place (although down from 69th in 2015) with about CHF 1.4 billion—though down to below 0.1% of total foreign money parked with Swiss banks.

India was also the lowest ranked among the BRICS nations—Russia was ranked 19th (CHF 15.6 billion), China 25th (CHF 9.6 billion), Brazil 52nd (CHF 2.7 billion) and South Africa 61st (CHF 2.2 billion). Among these five, only China has moved up. Others ranked higher than India included Mauritius, Iran, Morocco, Kenya, Nigeria, Kazakhstan, Ukraine, Angola, the Philippines, Malaysia, Indonesia, Canada and Mexico.

A number of offshore financial centres are also ranked higher including Cayman Islands, Panama, Cyprus, Marshall Islands, Bermuda, Seychelles, Isle of Man and Gibraltar. Among India’s neighbouring countries, Bangladesh was ranked 89th (CHF 667.5 million), while Nepal was 150th (CHF 312 million), Sri Lanka was 151st (CHF 307 million) and Bhutan was way below at 282nd (about half a million Swiss francs).

The total money belonging to the developed countries fell to CHF 824 billion, while those from developing nations actually rose marginally to CHF 208 million. The money from developing economies in Asia-Pacific region rose to CHF 50 billion.

The funds parked in Swiss banks from offshore financial centres rose to CHF 389 billion. India was ranked in top-50 continuously between 1996 and 2007, but started declining after that—55th in 2008, 59th in 2009 and 2010 each, 55th again in 2011, 71st in 2012 and then to 58th in 2013.


Uber Driver Is Employee, Not Freelancer: Swiss Agency

Uber Driver Is Employee, Not Freelancer: Swiss Agency
An Uber driver is an employee for whom the company must pay social security contributions, a Swiss insurance agency has ruled, dealing a blow to the U.S. ride-hailing platform that says drivers are independent contractors.

The California-based startup whose cab service has expanded worldwide vowed to challenge the ruling, the latest clash with regulators that have accused it of bypassing national labour protection standards and shunning collective negotiation with drivers who work on freelance terms.

In October, a British tribunal ruled Uber should treat its drivers as workers and pay them the minimum wage and holiday pay.

Suva – which as a provider of obligatory on-the-job accident insurance in Switzerland helps decide which workers are freelance – found an UberTechnology driver was staff because he faced consequences if he broke Uber rules and could not set prices and payment terms independently, broadcaster SRF reported.

A Suva spokesman confirmed the report but said it concerned a particular driver who had sought to clarify his status, not a general ruling on Uber’s business model. “For us it is not about the company but about the person involved,” he said.

Nevertheless Rasoul Jalali, general manager at Uber, took issue with Suva, which he said had classified independent drivers as employees in other cases before Uber arrived in Switzerland, triggering other challenges.
“Taxi dispatchers have had exactly this issue for years and yet today there is not one driver employed by a big dispatcher in cities such as Zurich or Geneva. So this is nothing new in Switzerland and we will challenge it, just as others have,” he said in a statement.

“Drivers using the Uber app are independent contractors who enjoy all the flexibility and freedom that come with being self-employed.”

Founded in 2009, Uber has taken the world by storm but come up against opposition too.

Various services it has proposed have been banned in some countries and it faces numerous battles in US courts over labour standards, safety rules and pricing policies that trigger fare surges at peak times.

© Thomson Reuters 2016

For the latest coverage from the Consumer Electronics Show in Las Vegas, visit our CES 2017 hub.
Tags: Uber, Uber Employee, Apps, Uber App


money For not anything? Swiss Vote On basic profits For All

Money For Nothing? Swiss Vote On Basic Income For All

“The concept is noble, but I do not think our society can have enough money it nowadays,” Stephane Szeless, a forty five12 monthsantique civil servant in Geneva, advised AFP in advance of Sunday’s vote.
GENEVA, SWITZERLAND: In a international first, the Swiss voted Sunday on a thorough thought to offerthe entire population with sufficient money to stay on, no strings connected.

In a measure nearly certain to fail, electorate are being requested whether or not they want all Swissresidents, together with foreigners who have been felony residents in Switzerland for as a minimum fiveyears, to receive an unconditional fundamental earnings, or UBI.

Polling stations in most locations opened at 10:00 am (0800 GMT) and had been set to shut at midday,but the majority within the rich Alpine state vote earlier.

In Geneva for instance, 47.four percentage of eligible electorate had already solid their ballot Saturdaynighttime, according to the regional voting carrier.

Supporters of the UBI initiative say offering such an earnings might assist combat poverty and inequality in a world wherein accurate jobs with regular salaries are getting more difficult to find.

The concept is debatable, to mention the least. The Swiss authorities and nearly all of the u . s . a .‘s political parties have advised citizens to reject the initiative — recommendation which seventy onepercentage are willing to follow, according to the brand new opinion ballot .

Critics have slammed the initiative as “a Marxist dream”, warning of sky-high expenses and people quitting their jobs in droves, to the detriment of the economic system.

Proponents reject that, arguing people obviously want to be productive and that a basic profits couldgenuinely offer them greater flexibility to pick out the activities they discover most treasured.

for centuries this has been considered a utopia, however today it has not best grow to be feasible, butindispensible,” Ralph Kundig, one of the lead campaigners, told AFP.

the amount to be paid has yet to be decided, but the non-political group in the back of the initiative hasadvised paying 2,500 Swiss francs ($2,500/2,three hundred euros) a month to every person, and 625 francs for every toddler.

which can sound like a lot, however it’s far slightly enough to get through on in one of the world‘s priciest international locations — leaving masses of incentive to work, campaigners say.

authorities have anticipated an additional 25 billion francs would be wished annually to cover theexpenses, requiring deep spending cuts or steep tax hikes.

electorate sceptical

“The concept is noble, but I do not assume our society can afford it today,” Stephane Szeless, a 4512 monthsantique civil servant in Geneva, told AFP ahead of Sunday’s vote.

i am sceptical.”

Supporters of the initiative however suggest the UBI could replace a number other high priced social welfare programmes and will be without difficulty financed through moderate increases in sales tax orthru a small charge on electronic transactions.

there may be little danger of the initiative passing, however Kundig said that “just getting a wide public debate started out in this essential issue is a victory”.

several different contentious troubles are also being put to the vote underneath Switzerland’s gadget of direct democracy on Sunday, a number of that have a better risk of going via.

A recent gfs.bern ballot indicated that 60 percentage of citizens are in favour of a central authority notionto hurry up the united states‘s asylum manner.

The intention is for most instances to be treated inside a hundred and forty days or less, as comparedto a median of round 400 days in the mean time.

The Swiss can even vote on whether to permit genetic testing of embryos earlier than they are insertedwithin the uterus in cases of in vitro fertilisation where either discern consists of a severe hereditarydisease.

No screening might be approved for such things as gender, hair and eye shade, however that has now not stopped opponents from dubbing the initiative the “eugenics regulation“.

The final outcomes of Sunday’s vote have been predicted to be clear through early evening.

(This tale has not been edited by NDTV team of workers and is auto-generated from a syndicated feed.)

Swiss electorate Reject ‘money For not anything’ earnings Plan

Supporters had said introducing a monthly income of 2,500 Swiss francs per adult no matter how much they work would promote human dignity and public service.

Zurich/Bern: Swiss voters rejected by using a extensive margin on Sunday a proposal to introduce aguaranteed primary profits for absolutely everyone living within the wealthy u . s . a . after an uneasy debate approximately the future of labor at a time of increasing automation.

Supporters had stated introducing a monthly profits of two,500 Swiss francs ($2,563 or around Rs 1.7 lakh)in step with grownup and 625 francs per child under 18 no matter how plenty they paintings could sellhuman dignity and public carrier.

combatants, together with the government, said it would value too much and weaken the financial system.

Projections via the GFS polling outfit for Swiss broadcaster SRF showed almost 4 out of 5 citizensadversarial the formidable social test launched through Basel cafe owner Daniel Haeni and allies in a vote beneath the Swiss system of direct democracy.

Mr Haeni acknowledged defeat however claimed a ethical victory.

“As a businessman i’m a realist and had reckoned with 15 according to cent support, now it seems likegreater than 20 consistent with cent or perhaps even 25 in line with cent. I find that splendid and sensational,” he instructed SRF.

after I see the media hobby, from abroad as properly, then I say we’re placing a trend.”

Switzerland is the first united states to keep a country wide referendum on an unconditional basicearnings, however others which include Finland are analyzing similar plans as societies ponder a globalwherein robots replace human beings within the personnel.

Olivier, a 26-12 monthsvintage chippie who works on construction websites and runs a small enterprisewhere he designs and builds furnishings, stated he voted “sure” to the initiative.

“For me it’d be a tremendous possibility to place my recognition on my ardour and not go to work just for a living,” he stated.

Sustainable answer?

Champions of the plan had painted simply this kind of destiny in a poster larger than a football areaasking “What could you do if your earnings was cozy?” that they had also marched as robots down Zurich’s excessive avenue and had passed out loose 10-franc notes.

A Bern guy who gave his name only as Stephan said he supported the concept as a “sustainable solutionfor society”.

“I think people will pass on working because it is a human want to be useful, to do meaningful motion. In fact, i’ve the impression that human beings could be even more effective if they are productive by way of themselves in place of being obliged to be efficient,” he stated.

A girl named Meleanie said she reluctantly voted “no”.

“I discover that it is a actual chance that after humans simply get their basic desires covered societydoesn’t experience accountable anymore to look after the ones who can’t absolutely take care of thesituation on their own“, she stated.

Employers additionally heaved a sigh of comfort that Switzerland, wherein unemployment is simplestaround three.5 per cent, had not grow to be the first united states of america to include the sort ofpath-breaking degree.

The Swiss authorities had advised voters to reject the marketing campaign, saying the scheme mightcost an excessive amount of and undermine societal brotherly love.

The plan protected replacing in full or in component what people got from social blessings.

The government expected the notion would have price 208 billion Swiss francs a year, significantlyweakened the financial system and discouraged human beings, especially low earners, from working.

a great deal of the value could have been included via current social safety bills, but sharp spending cuts or tax will increase might have needed to make up a final gap of 25 billion.

a sophisticated social safety internet already supports individuals who can not pay themselves for theirlivelihood. Fewer than seven percentage of people lived in poverty in 2014, reliable statistics show.

In a separate vote on Sunday, Swiss citizens also truely rejected a suggestion to require nationmanagedcorporations, such as Swisscom, not to seek to make a earnings.

The government had warned that accepting the initiative might hurt the agencies‘ competitiveness and willcause higher taxes.