Indian residents' financial assets abroad $447.8 bln at March-end: RBI

MUMBAI: The Reserve Bank of India said financial assets of Indian residents abroad stood at $447.8 billion as on March-end, posting an increase of $3.9 billion over the previous quarter, data from the RBI showed on Thursday.

International financial liabilities were at $755.1 billion as on end-March, up $31 billion over the previous quarter, the data showed.

A report released last week by the Swiss National Bank (SNB)revelaed that the Indians' money in Swiss banks has fallen to a record low level of about Rs 9,000 crore (1.42 billion Swiss francs), as a global clampdown against the famed secrecy wall of Switzerland banking system made it unattractive for their global clients.

The total funds held by Indian individuals and entities included 1.34 billion Swiss francs held directly by Indian individuals and entities, and another 77 million Swiss francs through 'fiduciaries' or wealth managers at the end of 2012.

The official data, which forms part of SNB's annual report on Swiss banks, further showed that Indians' money there fell by about 35 per cent or Rs 4,900 crore in 2012.

This was much steeper than a 9.1 per cent fall in the funds held by entities from across the world in Swiss banks, which also hit an all-time low of 1.4 trillion Swiss francs (USD 1.5 trillion) at the end of 2012.

While the Swiss banks had close to Rs 14,000 crore (2.18 billion Swiss francs) of Indians' money at the beginning of 2012, the equivalent figure for entities from across the world stood at 1.5 trillion Swiss francs (USD 1.65 trillion).