evidence: Funds parked by Indian individuals and firms in Swiss banks, including through local branches and other financial institutions, fell sharply by 70% in 2023 to a four-year low of 1.04 billion Swiss Francs (₹9,771 crore), annual data from Switzerland's central bank showed on Thursday. The decline in aggregate funds of Indian clients with Swiss banks for the second consecutive year, after hitting a 14-year-high of CHF 3.83 billion in 2021, was largely driven by a sharp plunge in funds held through bonds, securities and various other financial instruments. [...] On the other hand, the 'locational banking statistics' of the Bank for International Settlement (BIS), which have been described in the past by Indian and Swiss authorities as a more reliable measure for deposits by Indian individuals in Swiss banks, showed a decline of nearly 25% during 2023 in such funds to $70.6 million (₹663 crore).