India in 88th place in money hoarded in Swiss banks

The capital is the official statistics do not indicate that the quantum of black money.

India has slid to the 88th place concerning money parked by its citizens with Swiss banks, while the U.K. remains on the top. 

Also, the money officially held by Indians with banks in Switzerland now accounts for a meager 0.04 percent of the total funds kept by all foreign customers in the Swiss banking system, as per an evaluation of the most recent figures compiled by the Swiss National Bank according to 2016-end.

India was placed at 75th position in 2015 and in the 61st in the year before that, even though it used to be among top-50 countries concerning holdings in Swiss banks until 2007. The nation was ranked highest at 37th area.

The newest data from the Zurich-based SNB comes before a new frame for automatic exchange of information between Switzerland and India to help verify the black currency menace.

The capital is the official statistics do not indicate that the quantum of black money.