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India falls to 75th rank by money of citizens in Swiss banks

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Zurich, July 3 : With Swiss francs (CHF) 1.2 billion (around Rs 8,392 crore) held by its citizens in Switzerland’s banks, India has slipped to the 75th position, its lowest since the Swiss National Bank began releasing such data in 1997, as per latest figures released earlier this week.

The data for 2015 placed India at 61st place, while it used to be among top 50 countries in terms of holdings in Swiss banks till 2007.

India was also lowest ranked among the BRICS countries – 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).

Britain and America were the only two countries that accounted for Swiss bank holding of double-digit percentage share each.

While Britain accounted for the largest chunk at about CHF 350 billion, or almost 25 per cent of the total foreign money with Swiss banks, the US came second with nearly CHF 196 billion or about 14 per cent.

The total money held in Swiss banks by all their foreign clients from across the world fell by nearly 4 per cent, by over 58 billion Swiss francs to 1.41 trillion Swiss francs ($1.45 trillion).

India was ranked 75th with CHF 1.2 billion, which is not even 0.1 per cent of the total foreign money in Swiss banks.

India was ranked among the top 50 continuously between 1996 and 2007, but started declining thereafter – 55th in 2008, 59th in 2009 and 2010 each, 55th again in 2011, 71st in 2012 and then 58th in 2013.

Pakistan was placed higher at 69th place with CHF 1.5 billion, while others ranked higher than India included Mauritius, Kazakhstan, Iran, Chile, Angola, Philippines, Indonesia and Mexico.

Indian-held funds in Switzerland banks fell by 596.42 million Swiss francs to 1,217.6 million Swiss francs at the end of 2015, marking the second straight year of decline.

Last year also marked the lowest amount of funds held by Indians in the Swiss banks ever since the country started making the data public in 1997.

Total funds held in Swiss banks by Indians directly at the end of 2015 stood at 1,206.71 million Swiss francs, which was down from 1,776 million Swiss francs the year before.

Further, money held by Indians through fiduciaries or wealth managers was down at 10.89 million Swiss francs, from 37.92 million Swiss francs at the end of 2014. The total, at the end of 2014, stood at 1,814 million Swiss francs.

The funds, described as “liabilities” of Swiss banks or “amounts due to” their clients, are official figures released by the central bank.

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Brent hits highest since March, spurred by coronavirus vaccine hopes

This follows positive trial results from Pfizer/BioNTech and Moderna.

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Brent Crude Oil

SINGAPORE: Brent crude prices hit their highest levels since March as news of a third promising coronavirus vaccine candidate spurred hopes of a quicker recovery in oil demand, while U.S. President-elect Joe Biden received the go-ahead to begin his leadership transition.

Brent crude futures rose 43 cents, or 0.9%, to $46.49 a barrel by 0522 GMT, while U.S. West Texas Intermediate crude added 45 cents, or 1.1%, to $43.51 a barrel.

Brent rose to a session high of $46.56 earlier on Tuesday, the highest level traded since early March before Saudi Arabia initiated a price war with Russia, which sent oil prices crashing. Both oil benchmarks settled up about 2% on Monday after gaining about 5% last week.

“Progress on developing and distributing a vaccine de-risks the path back to normal for oil markets,” said Stephen Innes, chief global markets strategist at financial services firm Axi.

“If mobility data is a measure of oil price sentiment, in the not too distant future, the vaccine will get people back on airplanes and cruise ships.”

AstraZeneca said on Monday its COVID-19 vaccine was 70% effective in pivotal trials and could be up to 90% effective, giving the world’s fight against the global pandemic a third new weapon that can be cheaper to make, easier to distribute and faster to scale-up than rivals.

This follows positive trial results from Pfizer/BioNTech and Moderna.

Also helping to ease uncertainty in financial markets, President Donald Trump on Monday allowed officials to proceed with a transition to Joe Biden’s incoming administration, giving his rival access to briefings and funding even as he vowed to persist with efforts to fight the election results.

U.S. crude oil inventories likely edged lower last week, while distillate stockpiles were seen decreasing for a 10th straight week, a preliminary Reuters poll showed on Monday, ahead of reports from the American Petroleum Institute and the Energy Information Administration (EIA).

Traders also focused on a week of technical meetings by OPEC and its allies to prepare the ground for next week’s ministerial gathering, which is set to discuss extending oil output curbs into next year due to weak demand amid a second wave of COVID-19.

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Amazon Quiz Answers Today, November 24, 2020: Answer and Win Xbox Series X

The Amazon Quiz contest is live at 8:00 AM and it ends at 12:00 PM.

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Amazon quiz Answers Today, November 24, 2020: The Amazon Quiz for November 24, 2020, is live and today you have the chance to Win Xbox Series X. The trivia quiz gives a chance to users across the country to win exciting gifts every day by answering a set of simple questions.

After giving the right answers to the questions users can win mobile phones, other gadgets, and Amazon Pay Balance. E-commerce giant Amazon never disappoints its users and today’s gift is special for all the online shopping lovers.

Today’s Amazon Quiz Information

Today’s Amazon Quiz Prize:

Win Xbox Series X
Amazon Quiz Date: November 24, 2020:
Amazon Quiz Time: 8 am–12 pm
Winners List Declaration Date: To be announced

Answers for today’s Amazon quiz contest- November 24, 2020

Question 1. Who has been named as the new Ambassador for World Wide Fund (WWF) India’s Environment Education Programme?

Answer 1: Viswanathan Anand

Question 2. As per Global Finance magazine, KfW Bank is considered to be the “World’s Safest Bank”. In which country is KfW Bank headquartered?

Answer 2: Germany

Question 3. Starlink is a satellite constellation being constructed by which company to beam satellite Internet access across the world?

Answer 3: SpaceX

Question 4. These ladies are on a tour of which country?

Answer 4: Egypt

Question 5. Considered “the most influential environmental photograph ever taken”, on which mission was this photograph taken?

Answer 5: Apollo 8

How to Play Amazon Quiz Contest Daily?

1. Download the Amazon India App from Google Play Stores or Android App
2. Sign up or log in to your Amazon account
3. Once login you can check the homepage banner of the App click on Amazon Quiz for today.
4. Start playing the Amazon quiz contest.

Where to find the latest answers for Amazon Quiz?

You can find all the right Answers for Amazon Quiz here. With Amazon Quiz you can win various exciting prizes. Choose the right answers for the Amazon daily quiz and you can be the lucky winner. The Amazon Quiz contest is live at 8:00 AM and it ends at 12:00 PM.

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Gold Rates and Silver rates, November 24: Yellow metal price struggles today by 0.23%, check here

Gold prices in India on Tuesday, November 24 have gone down following the global rates. On MCX, the gold rates have decreased to ₹49,504. Today, silver price in India has gone up to ₹60,549 rupees per kilogram.

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Gold Wealth Price

Gold Rates and Silver rates, November 24: Gold prices in India on Tuesday, November 24 have gone down following the global rates. On MCX, the gold rates have decreased to ₹49,504. Today, silver price in India has gone up to ₹60,549 rupees per kilogram. When it comes to the gold metal, the prices vary based on the city or state due to excise duty, state taxes, and making charges.

  • CITY 24 KARAT 22 KARAT
  • CHENNAI ₹52,034 ₹47,674
  • MUMBAI ₹50,950 ₹49,950
  • BANGALORE ₹51,441 ₹47,161
  • DELHI ₹53,637 ₹49,197
  • KERALA ₹51,468 ₹47,148
  • HYDERABAD ₹51,454 ₹47,144
  • KOLKATA ₹52,537 ₹50,127
  • PUNE ₹50,805 ₹48,355

GOLD PRICE IN INDIA (*MCX) ₹49,504 ₹45,379

Know why Gold and Silver rate rise and decline

Gold tends to increase when people prefer investing in gold due to inflation and concerned about the risks in the financial system. On the other hand, at times gold rates also decrease due to the fact that the fall in international markets, an increase in dollar value, and other tensions between the countries. Off late the gold prices have come down due to the US-China dispute.

How Gold rate is calculated?

As there is no specific measure for the gold and the prices differ from jeweller to jeweller. Final price of the jewellery = Price of gold X (Weight in grams) + Making charges + GST at 3% on (Price of jewellery + making charges)

How many times gold rates change in a day?

As the yellow metal gold is traded at Multi Commodity Exchange whGGolere the gold rates change at every moment in the business times. The price alter is mainly due to various factors such as political and economical issues happening in the world.

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