Indian money in Swiss banks fell 34.5 pct in 2017, says Piyush Goyal
Piyush Goyal said according to Swiss authorities, the more reliable data source for deposits held in Switzerland is the Locational Banking Statistics (LBS) of Bank of International Settlements. LBS measures international banking activity from a residence perspective, focusing on the location of banking office and captures around 95 per cent of all cross-border banking activity.
Indian deposits in Swiss banks fell by 34.5 per cent in 2017 and by 80 per cent since the Narendra Modi government came to power in 2014, Finance Minister Piyush Goyal said today. Image source: Reuters