evidence: The ministry, reacting to reports of Indians stashing away more funds in Swiss banks through 2020, claimed customer deposits have actually fallen from the end of 2019. However, it cited several factors that could ‘potentially explain the increase in deposits,’ such as Indian companies holding more funds in Switzerland due to increased business transactions. "The Swiss authorities have been requested to provide the relevant facts along with their view on possible reasons for increase/decrease in the light of media reports," the statement said, referring to reports that funds of Indians in Swiss banks rose from ₹6,625 crore at the end of 2019 to ₹20,700 crore at the end of 2020. The reported surge in deposits has been reported as the highest in 13 years, it added. The ministry said that reports about the spurt in Swiss bank deposits ‘allude’ to official figures reported by banks to Swiss National Bank (SNB) and do not indicate the quantum of the much-debated alleged black money held by Indians in Switzerland. "Further, these statistics do not include the money that Indians, NRIs or others might have in Swiss banks in the names of third-country entities," the statement said.