Not just Switzerland, Indians hiding less money in other tax havens too

The Narendra Modi government, which came to power promising to curb and bring back illicit wealth parked by dishonest Indians abroad, may have walked the talk – at least for the moment. Information from the Bank for International Settlements (BIS) shows that there has been a significant decline in the amount of money held by Indians not just in Switzerland, but also in other nations that are considered to be among the most secretive financial and low-tax jurisdictions in the world.

BIS classifies such money held by people across the world as “non-bank loans and deposits”. Finance Minister Piyush Goyal had, on Tuesday, said that these non-bank loans and deposits gave a better picture of black money stashed by individuals