Indian citizens deposited nearly CHF2.3 billion (US$2.57 billion) in Swiss banks last year despite a global clampdown against the country’s banking secrecy laws.
This represents a surge of over 40% compared to CHF1.42 billion deposited in 2012, as per the latest data released by Swiss National Bank (SNB).
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SNB data are drawn from information provided by 80 Swiss banks as part of a mandatory disclosure.
During 2012, the Indians’ money in Swiss banks had fallen by over one-third to a record low level.
However, the data shows that the money deposited in Swiss banks by their foreign clients from across the globe continued to decline and stood at a record low of CHF1.32 trillion at the end of 2013.
The newly elected Indian government led by Narendra Modi constituted a Special Investigative Team under two retired Supreme Court judges to probe black money stashed abroad.
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By GlobalData
