Indian Money in Swiss banks down by 33%

The Indian money in Swiss banks has hit an all time low record. It has dipped by more than 33%. Money held by Indians in Swiss banks has fallenby nearly one-third to a record low about Rs 8,392 crore amid a continuing global crackdown on the black money which is being stored in the Swiss accounts owing to its secrecy clauses. As per the latest data released on Thursday by the country's central banking authority SNB, Swiss National Bank, the money held by Indians with banks in Switzerland fell by CHF 596.42 million to CHF 1,217.6 million at the end of 2015. This is the lowest amount of money held by Indians in the Swiss banks. Towards the end of the year 2006 the funds held by Indians with Swiss banks stood at a record high of Rs 23,000 crore.