Swiss banks have recorded a one-third drop in the money held by Indian nationals, which now stands at 1.2 billion francs (around Rs 8,392 crore), according to data released by Swiss National Banks, reported IANS. Money held directly by Indians dropped to around 1,207 million Swiss franc, and money held through fiduciaries, or wealth managers, hit a record low of 10.9 million francs. The Narendra Modi government's decision to allow people disclose their black money stashed abroad this month is believed to have triggered the fall.

This has been the trend for the past few years, though. In 2015, Indians had the least funds ever recorded in Swiss banks. Towards the end of 2015, the total funds held by Indian citizens stood at 1,206.71 million Swiss francs as opposed to 1,776 million Swiss francs in 2014. In 2014, the total money held through fiduciaries, was around 1,814 million Swiss francs.

Pakistan-held funds in Swiss banks however, have risen by more than 16%, reported PTI. This is the second consecutive year that Pakistan-linked money in Swiss banks is up. Now, more than 1.5 billion francs (Rs 10,000 crore) is held by Pakistanis in banks in Switzerland.