New Delhi, July 24: India’s share of funds in Swiss banks has dropped by 80 per cent after Prime Minister Narendra Modi’s government came to power.
According to sources, Swiss banks’ non-deposit liabilities’, Swiss bank branches in India, inter-bank transfer and ‘reliable liabilities’ has been reduced.
Switzerland had agreed with the Government of India on December 21, 2017 to provide Swiss bank accounts details. Hence As of January 1, 2018, All banking statistics are being shared with India.
According to sources, Swiss banks will share data with India on the annual basis after September 2019.