currency

Black money in Swiss banks : While official numbers are not available, Swiss banking officials have said that the largest depositors of illegal foreign money in Switzerland are Indian. In August 2010, the government revised the Double Taxation Avoidance Agreement to provide means for investigations of black money in Swiss banks. This revision, expected to become active by January 2012, will allow the government to make inquiries of Swiss banks in cases where they have specific information about possible black money being stored in Switzerland.