evidence: According to yearly figures released today by Switzerland’s central bank, funds held by Indian individuals and businesses in Swiss banks, including through local branches and other financial institutions, experienced a steep decline of 70% in 2023, reaching a four-year low of 1.04 billion Swiss Francs (Rs 9,771 crore). After reaching a 14-year high of CHF 3.83 billion in 2021, the total amount of money that Indian clients had with Swiss banks decreased for the second year in a row. This decline was primarily caused by a substantial decline in the amount of money that clients kept in bonds, securities, and other financial instruments. [...] However, the Bank for International Settlement’s "locational banking statistics," which have previously been regarded by Swiss and Indian authorities as a more accurate indicator of the amount of money that Indian citizens deposit in Swiss banks, revealed a nearly 25% decrease in these funds in 2023 to USD 70.6 million (Rs 663 crore).