Money in Swiss banks: India moves to 73rd place

Agencies
July 1, 2018

Zurich/New Delhi, Jul 1: India has moved up to 73rd place in terms of money parked by its citizens and companies with Swiss banks, while the UK remains on the top.

India had slipped to 88th place with a 44 per cent plunge in such funds during 2016, but the latest data from the Swiss National Bank (SNB) shows an increase of over 50 per cent during 2017 to CHF 1.01 billion (about Rs 7,000 crore).

Pakistan is now placed one place higher than India at 72nd position, down one slot, after 21 per cent dips in funds from that country in Swiss banks during 2017.

The funds, described by SNB as 'liabilities' of Swiss banks or 'amounts due to' their clients, are official figures disclosed by Swiss authorities and do not indicate to the exact quantum of the much-debated alleged black money held in famed safe havens of Switzerland.

The official figures, disclosed annually by Switzerland's central bank, also do not include the money that Indians, NRIs or others might have in Swiss banks in the names of entities from different countries.

It has been often alleged that Indians and other nationals seeking to stash their illicit wealth abroad use multiple layers of various jurisdictions, including tax havens, to shift the money in Swiss banks.

Also, with Switzerland putting in place an automatic information exchange framework with India and various other countries, the famed secrecy walls of Swiss banks are said to have crumbled. India will start getting this automatic data from next year, while it has already been getting information on accounts where proof of illicit funds can be furnished.

However, the increase in Indians' money in Swiss banks has already triggered a sharp opposition attack on the government, which in turn has said that it would be wrong to assume that all funds deposited in Swiss banks were 'black money' and strong action would be taken against wrongdoers.

The funds officially held by Indians with banks in Switzerland now accounts for only 0.07 per cent, though up from 0.04 per cent a year ago, 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 2017-end.

India was placed at 75th position in 2015 and at 61st in the year before, 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 total money held in Swiss banks by foreign clients from across the world rose by about 3 per cent to CHF 1.46 trillion (about Rs 100 lakh crore) in 2017.

In terms of individual countries, the UK continued to account for the largest chunk at about CHF 403 billion (over 27 per cent) of the total foreign money with Swiss banks. The UK saw an increase of over 12 per cent in such funds.

The US remains on the second position despite a dip of about 6 per cent in such funds to CHF 166 billion (11 per cent share of all foreign funds). No other country accounted for a double-digit percentage share, while others in the top-ten included West Indies, France, Hong Kong, Bahamas, Germany, Guernsey, Luxembourg and Cayman Islands.

Among BRICS countries, India remains to rank the lowest -- China at 20th place (CHF 160 billion with an increase of 67 per cent during 2017), Russia at 23rd (CHF 135 billion after 13 per cent fall), Brazil 61st (CHF 1.9 billion after 28 per cent fall) and South Africa 67th (CHF 1.5 billion after 31 per cent dip). Among these five, only China and India saw an increase in their funds.

Others ranked higher than India are: Singapore, UAE, Saudi Arabia, Panama, Japan, Jersey, Australia, Netherlands, Italy, Belgium, Cyprus, Israel, Mexico, Bermuda, Turkey, Kuwait, Marshall Islands, Canada, Thailand, South Korea, Malaysia, Belize, Isle of Man, Indonesia, Seychelles, Gibraltar, Samoa, New Zealand, Philippines, Iran, Kazakhstan and Ukraine.

Those ranked below India were Mauritius (77th place), Bangladesh (95th), Sri Lanka (108th), Nepal (112th), Vatican City State (122nd), Iraq (132nd), Afghanistan (155th), Burkina Faso (162nd), Bhutan (203rd), North Korea (205th) and Palau was last at 214th place.

The total money belonging to the developed countries rose 10 per cent to CHF 876 billion, while those from developing nations rose marginally to CHF 209 billion. The offshore financial centres actually saw a dip of 3 per cent to CHF 378 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.

In terms of percentage increase, India's 50 per cent rise was 23rd highest. The maximum increase of as much as 4,000 per cent was seen by Solomon Islands, followed by over 2,200 per cent for Faroe Islands and 1,200 per cent for British Indian Ocean Territory.

The increase was more than 100 per cent for Maldives, Grenada, Turkmenistan, Laos, Lesotho, Qatar, Bonaire, Sint Eustatius and Saba, Federated States of Micronesia, Equatorial Guinea; and Sao Tome and Principe.

Others with higher increase than India's were Guyana, Mongolia, Barbados, Cote d'Ivoire, South Sudan, Bahrain, Kuwait and Ireland.

The jurisdictions that saw the maximum decline in such funds included Palau, St Helena and Gambia, while North Korea, Bhutan, Macao, Burkina Faso and Iraq also recorded significant dips.

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News Network
January 2,2020

United Nations, Jan 2: Nearly 400,000 babies were born around the world on New Year's Day with India recording the highest number of these births worldwide at 67,385, the UN children's agency said.

An estimated 392,078 babies were born around the world on New Year's Day, according to UNICEF. Of this, an estimated 67,385 babies were born in India, the most globally. China comes in second with 46,299 births.

The beginning of a new year and a new decade is an opportunity to reflect on our hopes and aspirations not only for our future, but the future of those who will come after us,” UNICEF Executive Director Henrietta Fore said.

As the calendar flips each January, we are reminded of all the possibility and potential of each child embarking on her or his life's journey—if they are just given that chance.”

Fiji in the Pacific most likely delivered 2020's first baby, while the US, the last of the New Year's Day. Globally, over half of these births were estimated to have taken place in eight countries - India (67,385), China (46,299), Nigeria (26,039), Pakistan (16,787), Indonesia (13,020), United States of America (10,452), Democratic Republic of Congo (10,247) and Ethiopia (8,493).

Each January, UNICEF celebrates babies born on New Year's Day, an auspicious day for child birth around the world, it said. However, for millions of newborns around the world, the day of their birth is far less auspicious.

In 2018, 2.5 million newborns died in just their first month of life; about a third of them on the first day of life. Among those children, most died from preventable causes such as premature birth, complications during delivery, and infections like sepsis. In addition, more than 2.5 million babies are born dead each year.

UNICEF said over the past three decades, the world has seen remarkable progress in child survival, cutting the number of children worldwide who die before their fifth birthday by more than half. But there has been slower progress for newborns. Babies dying in the first month accounted for 47 per cent of all deaths among children under five in 2018, up from 40 per cent in 1990.

UNICEF's Every Child Alive campaign calls for immediate investment in health workers with the right training, who are equipped with the right medicines to ensure every mother and newborn is cared for by a safe pair of hands to prevent and treat complications during pregnancy, delivery and birth.

Too many mothers and newborns are not being cared for by a trained and equipped midwife or nurse, and the results are devastating,” said Fore. “We can ensure that millions of babies survive their first day and live into this decade and beyond if every one of them is born into a safe pair of hands.”

India is projected to surpass China as the world's most populous country around 2027. According to UN estimates, India is expected to add nearly 273 million people between 2019 and 2050, while the population of Nigeria is projected to grow by 200 million. Together, these two countries could account for 23 per cent of the global population increase to 2050.

China, with 1.43 billion people in 2019, and India, with 1.37 billion, have long been the two most populous countries of the world, comprising 19 and 18 per cent, respectively, of the global total in 2019. Through the end of the century, India is estimated to remain the world's most populous country with nearly 1.5 billion inhabitants, followed by China with just under 1.1 billion, Nigeria with 733 million, the US with 434 million, and Pakistan with 403 million inhabitants.

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News Network
January 19,2020

New Delhi, Jan 19: Reacting to a tweet by ace lawyer Indira Jaising urging her to forgive the four men on death row for brutally raping that finally took her life, Nirbhaya's mother said on Saturday: "Even if God asks me, I won't forgive them."

Speaking to news agency, over the phone, the mother who had been fighting for seven long years to send her daughter's killers to the gallows, said, "...even if god comes and asks me to forgive them, I will not. People like these (Jaising) are a blot on the society."

Commenting on Jaising's tweet, she said: "Who is she to tell or suggest to me to forgive them. What relation does she have with me. I have nothing to do with such people. She can be a relative of those (the convicts) that she is having a soft corner for."

"She is an insult to women. She is running a business in the name of human rights. She is a veteran, she should give a message to the society. But she instead will go against her own kind," she added.

Earlier in the day, Jaising had requested Nirbhaya's mother to follow the example of Congress president Sonia Gandhi, who had moved for the clemency of a woman, Nalini Murugan convicted for the assassination of her husband and former Prime Minister Rajiv Gandhi.

"While I fully identify with the pain of Nirbhaya's mother I urge her to follow the example of Sonia Gandhi who forgave Nalini and said she didn't want the death penalty for her. We are with you but against death penalty," Jaising tweeted on Friday.

A Delhi Court on Friday issued fresh death warrants against the four convicts -- Akshay, Pawan, Mukesh and Vinay in the Nirbhaya gang rape and murder case.

Additional Sessions Judge (ASJ) Satish Kumar Arora fixed 1 February as the date of execution of the four death row convicts. They will be hanged at 6am.

The move came after the prosecution moved an application seeking issuance of fresh death warrants following the rejection of the mercy plea of one of the convicts Mukesh by President Ram Nath Kovind.

The 23-year-old victim was brutally gang-raped and tortured on December 16, 2012, which later led to her death.

All the six accused were arrested and charged with sexual assault and murder. One of the accused was a minor and appeared before a juvenile justice court, while another accused committed suicide in Tihar Jail.

Four of the convicts were sentenced to death by a trial court in September 2013, and the verdict was confirmed by the Delhi High Court in March 2014 and upheld by the Supreme Court in May 2017, which also dismissed their review petitions.

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Agencies
April 23,2020

New Delhi, Apr 23: The nationwide lockdown in India which started about a month ago has impacted nearly 40 million internal migrants, the World Bank has said.

The lockdown in India has impacted the livelihoods of a large proportion of the country's nearly 40 million internal migrants. Around 50,000 60,000 moved from urban centers to rural areas of origin in the span of a few days, the bank said in a report released on Wednesday.

According to the report -- 'COVID-19 Crisis Through a Migration Lens' -- the magnitude of internal migration is about two-and-a-half times that of international migration.

Lockdowns, loss of employment, and social distancing prompted a chaotic and painful process of mass return for internal migrants in India and many countries in Latin America, it said.

Thus, the COVID-19 containment measures might have contributed to spreading the epidemic, the report said.

Governments need to address the challenges facing internal migrants by including them in health services and cash transfer and other social programmes, and protecting them from discrimination, it said.

World Bank said that coronavirus crisis has affected both international and internal migration in the South Asia region.

As the early phases of the crisis unfolded, many international migrants, especially from the Gulf countries, returned to countries such as India, Pakistan, and Bangladesh until travel restrictions halted these flows.

Some migrants had to be evacuated by governments, such as those of China and Iran, it said.

Before the coronavirus crisis, migrant outflows from the region were robust, the report said.

The number of recorded, primarily low-skilled emigrants from India and Pakistan rose in 2019 relative to the prior year but is expected to decline in 2020 due to the pandemic and oil price declines impacting the Gulf countries.

In India, the number of low-skilled emigrants seeking mandatory clearance for emigration rose slightly by eight percent to 368,048 in 2019.

In Pakistan, the number of emigrants jumped 63 per cent to 6,25,203 in 2019, largely due to a doubling of emigration to Saudi Arabia, it said.

According to the bank, migration flows are likely to fall, but the stock of international migrants may not decrease immediately, since migrants cannot return to their countries due to travel bans and disruption to transportation services.

In 2019, there were around 272 million international migrants.

The rate of voluntary return migration is likely to fall, except in the case of a few cross-border migration corridors in the South (such as Venezuela-Colombia, Nepal-India, Zimbabwe South Africa, Myanmar-Thailand), it said.

Migrant workers tend to be vulnerable to the loss of employment and wages during an economic crisis in their host country, more so than native-born workers.

Lockdowns in labour camps and dormitories can also increase the risk of contagion among migrant workers.

Many migrants have been stranded due to the suspension of transport services. Some host countries have granted visa extensions and temporary amnesty to migrant workers, and some have suspended the involuntary return of migrants, it said.

Observing that government policy responses to the COVID-19 crisis have largely excluded migrants and their families back home, the World Bank said there is a strong case for including migrants in the near-term health strategies of all countries, given the externalities associated with the health status of an entire population in the face of a highly contagious pandemic.

The Bank said governments would do well to consider short, medium and long-term interventions to support stranded migrants, remittance infrastructure, loss of subsistence income for families back home, and access to health, housing, education, and jobs for migrant workers in host/transit countries and their families back home.

The pandemic has also highlighted the global shortage of health professionals and an urgent need for global cooperation and long-term investments in medical training, it said.

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