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.
In its statement, the ministry said the figures "do not indicate the quantum of much debated alleged black money held by Indians in Switzerland. Further, these statistics do not include the money that Indians, NRIs or others might have in Swiss banks in the names of third-country entities."
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.
India has received first tranche of details about financial accounts of its residents in Swiss banks. This comes as a major boost to the Modi government in its war against black money. Switzerland handed over the first tranche to India under a new automatic exchange of infomation framework between the two countries, marking a significant milestone in the fight against black money stashed abroad.
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.
Zurich/New Delhi: Indians' money in Swiss banks has risen to over two billion Swiss francs (nearly Rs 14,000 crore), despite a global clampdown against the famed secrecy wall of Switzerland banking system.The funds held by
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