Indians' funds parked in Swiss banks fell 6% in 2019; 3rd lowest in 3 decades
Image Credit: shortpedia
Funds deposited by Indian individuals & enterprises in Swiss banks including via India-based branches dropped nearly 6% in 2019 to 899 Mn Swiss francs. Swiss authorities have always maintained that assets owned by Indian residents in Switzerland can't be regarded as black money & they back India in its fight against tax fraud. This marks the 2nd consecutive year of decline in aggregate funds of Indians with all Swiss banks.