Brief by Shorts91 Newsdesk / 12:41pm on 20 Jun 2024,Thursday India Global
Funds held by Indian clients in Swiss banks plummeted by 70% in 2023 to CHF 1.04 billion (Rs 9,771 crore), hitting a four-year low, according to the Swiss National Bank. This sharp decline follows a peak of CHF 3.83 billion in 2021. The reduction spans customer deposits, bonds, securities, and funds through other banks. Despite historic concerns about black money, Swiss authorities clarify that the figures represent legitimate holdings, with active cooperation to curb tax fraud. This trend mirrors a global decline in foreign deposits, with India ranking 67th among nations with funds in Swiss banks.
