India slips to 75th place on money in Swiss banks; UK on top

July 4, 2016

New Delhi, Jul 4: India has slipped to 75th place in terms of money held by its citizens with banks in Switzerland, while the UK remains on top.

swissIndia was placed at 61st place last year, while it used to 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.

As per the latest annual update on Swiss banks, released by Switzerland's central bank SNB (Swiss National Bank), the total money held there by foreign clients from across the world fell by nearly 4 percent to Swiss franc (CHF) 1.42 trillion (about Rs 98 lakh crore) at the end of 2015.

In terms of individual countries, the UK accounted for the largest chunk at about CHF 350 billion or almost 25 percent of the total foreign money with Swiss banks.

The US came second with nearly CHF 196 billion or about 14 percent. No other country accounted for a double-digit percentage share, while others in the top-ten included West Indies, Germany, Bahamas, France, Guernsey, Luxembourg, Hong Kong and Panama.

India was ranked 75th with CHF 1.2 billion (about Rs 8,392 crore), which is not even 0.1 percent of the total foreign money in Swiss banks and is the lowest for the country in at least two decades or since 1996 -- the first year for which full comparable data is available.

Pakistan was placed higher at 69th place with CHF 1.5 billion -- a shade better than 0.1 percent of total foreign money parked with Swiss banks.

India was also lowest ranked among the BRICS nations -- Russia was ranked 17th (CHF 17.6 billion), China 28th (CHF 7.4 billion), Brazil 37th (CHF 4.8 billion) and South Africa 60th (CHF 2.2 billion).

Others ranked higher than India included Mauritius, Kazakhstan, Iran, Chile, Angola, Philippines, Indonesia and Mexico, while a number of so-called tax havens were also placed above, including Jersey, Cayman Islands, Cyprus, Marshall Islands, Bermuda, Belize, Gibraltar, Isle of Man, Seychelles and St Vincent and the Grenadines.

All offshore financial centres together held CHF 378 billion in Swiss banks. The total for developing countries stood at CHF 207 billion, while the same for the developed countries was much higher at CHF 833 million.

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 58th in 2013.

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Agencies
June 9,2020

New Zealand's research institute in Antarctica is scaling back the number of projects planned for the upcoming season, in an effort to keep the continent free of coronavirus, it was reported on Tuesday.

The government agency, Antarctica New Zealand, told the BBC on Tuesday that it was dropping 23 of the 36 research projects.

Only long-term science monitoring, essential operational activity and planned maintenance will go ahead.

The upcoming research season runs from October to March.

"As COVID-19 sweeps the planet, only one continent remains untouched and (we) are focused on keeping it that way," Antarctica New Zealand told the BBC.

The organisation's chief executive Sarah Williamson said the travel limits and a strict managed isolation plan were the key factors for keeping Scott Base - New Zealand's research facility - virus free.

"Antarctica New Zealand is committed to maintaining and enhancing the quality of New Zealand's Antarctic scientific research. However, current circumstances dictate that our ability to support science is extremely limited this season" she said.

Earlier in April, Australia announced that it would scale back its activity in the 2020-21 summer season.

This included decreasing operational capacity and delaying work on some major projects.

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Agencies
June 24,2020

New Delhi, Jun 24: The Centre has made it mandatory for sellers to enter the 'Country of Origin' while registering all new products on government e-marketplace (GeM).

The e-marketplace is a special purpose vehicle (SPV) under the Ministry of Commerce and Industry which facilitates the entry of small local sellers in public procurement, while implementing 'Make in India' and MSE Purchase Preference Policies of the Centre.

Accordingly, the ministry said the move has been made to promote 'Make in India' and 'Atma Nirbhar Bharat'.

The provision has been enabled via the introduction of new features on GeM.

Besides the registration process, the new feature also reminds sellers who have already uploaded their products, to disclose their products' 'Country of Origin' details.

The ministry further said that failing to disclose the detail will lead to removal of the products from the e-marketplace.

"GeM has taken this significant step to promote 'Make in India' and 'Aatmanirbhar Bharat'," the ministry said in a statement.

"GeM has also enabled a provision for indication of the percentage of local content in products. With this new feature, now, the 'Country of Origin' as well as the local content percentage are visible in the marketplace for all items. More importantly, the 'Make in India' filter has now been enabled on the portal. Buyers can choose to buy only those products that meet the minimum 50 per cent local content criteria."

In case of bids, the ministry said that buyers can now reserve any bid for a "Class I Local suppliers. For those bids below Rs 200 crore, only Class I and Class II Local Suppliers are eligible to bid, with Class I supplier getting purchase preference".

In addition to this, the Department for Promotion of Industry and Internal Trade (DPIIT) has reportedly called for a meeting with all e-commerce companies such as Amazon and Flipkart to display the country of origin on the products sold on their platform, as well as the extent of value added in India.

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Agencies
May 27,2020

Due to impacts of COVID-19, shipments of total mobile phones are forecast to decline 14.6% in 2020, while smartphone shipments will achieve a slightly slower decline of 13.7 % year over year to total 1.3 billion units this year, according to a Gartner forecast on Tuesday.

"While users have increased the use of their mobile phones to communicate with colleagues, work partners, friends and families during lockdowns, reduced disposable income will result in fewer consumers upgrading their phones," Ranjit Atwal, Senior Research Director at Gartner, said in a statement.

"As a result, phone lifetimes will extend from 2.5 years in 2018 to 2.7 years in 2020," said Atwal.

In 2020, affordable 5G phones were expected to be the catalyst to increase phone replacements, but now it is unlikely to be the case.

5G phones are now forecast to represent only 11% of total mobile phone shipments in 2020.

"The delayed delivery of some 5G flagship phones is an ongoing issue," said Annette Zimmermann, Research Vice President at Gartner.

"Moreover, the lack of 5G geographical coverage along with the increasing cost of the 5G phone contract will impact the choice of a 5G phone."

Overall, spending on 5G phones will be impacted in most regions apart from China, where continued investment in 5G infrastructure is expected, allowing providers in China to effectively market 5G phones.

The combined global shipments PCs, tablets and mobile phones are on pace to decline 13.6% in 2020, according to the forecast.

PC shipments are expected to decline 10.5% this year. Shipments of notebooks, tablets and Chromebooks are forecast to decline slower than the PC market overall in 2020.

"The forecasted decline in the PC market in particular could have been much worse," said Atwal.

"However, government lockdowns due to COVID-19 forced businesses and schools to enable millions of people to work from home and increase spending on new notebooks, Chromebooks and tablets for those workers. Education and government establishments also increased spending on those devices to facilitate e-learning."

Gartner said that 48 per cent of employees will likely work remotely at least part of the time after the COVID-19 pandemic, compared to 30 % pre-pandemic.

Overall, the work from home trend will make IT departments shift to more notebooks, tablets and Chrome devices for work.

"This trend combined with businesses required to create flexible business continuity plans will make business notebooks displace desk based PCs through 2021 and 2022," said Atwal.

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