According to the data released by Switzerland's central bank, Indian funds in Swiss banks were down 70 per cent to the lowest in four years at 1.04 billion.
The decline in aggregate funds of Indian clients with Swiss banks, from a 14-year-high of CHF 3.83 billion in 2021, follows two consecutive years of increase and was largely driven by a sharp plunge of nearly 34 per cent in customer deposit accounts from a seven-year high.
The total amount stood at a record high of nearly 6.5 billion Swiss francs in 2006, after which it has been mostly on a downward path, except for a few years including in 2011, 2013, 2017, 2020 and now in 2021, as per the Swiss National Bank data.
Earlier in January, Pakistan ranked 140 out of 180 on Corruption Perception Index (CPI) 2021 by Transparency International, losing 16 spots over the previous year.
The Federal Tax Administration (FTA) of Switzerland said in a statement on Monday that the exchange of information this year involved 10 more countries -- Antigua and Barbuda, Azerbaijan, Dominica, Ghana, Lebanon, Macau, Pakistan, Qatar, Samoa and Vauatu.
The third set of Swiss bank account details of Indians under an automatic exchange of information pact with Switzerland will be revealed this month, officials told news agency PTI.
It, however said that Swiss Authorities have been requested to provide the relevant facts along with their view on possible reasons for increase or decrease in deposits so that facts could be presented in correct perspective.
Funds held by Indians in Swiss banks rose to Rs 20,700 crore in 2020, data released by Switzerland's central bank has revealed.
India has got the second set of Swiss bank account details of its nationals and entities under the automatic exchange of information pact with Switzerland, marking a key milestone in the government's fight against black money allegedly stashed abroad.
India has moved down three places to 77th rank in terms of money parked by its citizens and enterprises with Swiss banks at the end of 2019, while the UK has retained its top position, as per the latest data from Switzerland’s central bank.
The sanctions are related to alleged corruption linked to Venezuela’s state-owned oil company and global soccer body FIFA.
The Swiss government began making details of dormant accounts public in 2015 to allow their claimants submit necessary proof to get access to those funds, which included at least 10 accounts linked to Indians.
India has got first tranche of swiss bank account details of its nationals under a new automatic information exchange pact.
India's fight against suspected black money stashed in Swiss banks has reached a village lane in Andheri area of Mumbai, where an obscure-sounding company, Motech Software Pvt Ltd, was set up nearly two decades ago that allegedly went on to deposit millions of dollars in Switzerland through a maze of offshore entities.
India will start getting details of bank accounts held by its citizens in Switzerland from September, ending the era of Swiss bank secrecy.
India's fight against suspected black money stashed abroad will get a major boost this September in the form of first set of detailed financial information about all Indians having Swiss bank accounts, including those closed since last year.
An analysis of the latest annual banking statistics released by the Swiss National Bank (SNB) shows that India remains ranked very low when it comes to money parked by Indian individuals and enterprises in Swiss banks.
Money parked by Indian individuals and enterprises in Swiss banks, including through India-based branches, fell by nearly 6 per cent in 2018 to 955 million Swiss francs (about Rs 6,757 crore) to hit its second-lowest level in over two decades, Swiss National Bank data showed Thursday.
Replying to an RTI query, the Finance Ministry said India and Switzerland share information on black money on a case to case basis as per the investigations being carried out.
Minister of State for External Affairs VK Singh, replying to a question in the Lok Sabha, said such information may include details about persons allegedly involved in corruption.
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