As per the reports India currently stands at the 88th position regarding the terms of money(black) safely parked at the Swiss banks. The United Kingdom grabs the top position in the list. India was previously ranked in top-50 continuously between the time frame of 1996 and 2007.
But later started a pushback after that -- 55th position in 2008, 59th position in 2009 and 2010 each, 55th position again in 2011, 71st position in 2012 and then to 58th position in 2013.There is a view that the Indians are reported to have safe sided their illicit money in Swiss banks in the past years.But in recent times they have shifted the black funds to several other locations after a global breakdown which began on the mighty banking secrecy practices in Switzerland.
Currently, Swiss banks have also said Indians have very "few deposits" in foreign Swiss banks when compared to other giant global financial hubs like Singapore and Hong Kong.
