Foreign Clients Moving from Swiss Banks
As India steps up its pressure on Switzerland in its black money pursuit, foreign clients’ funds worth 350 billion Swiss francs (nearly Rs. 25 lakh crore) have left Swiss banks in the past six years. While there are no specific data for money that could be of Indians, this includes outflows to the tune of 100 billion Swiss francs that are related to fine payments in the context of declaration of untaxed money, as per a new study by PwC.