Money belonging to Indians deposited in Swiss banks has dropped by a third to a record low of 1.2 billion franc or Rs 8,392 crore, news agency PTI reported on Thursday. Funds held directly by Indians dropped to 1,207 million Swiss franc, while money held through fiduciaries hit a record low of 10.9 million franc.

The drop in numbers is significant as the Narendra Modi government has stepped up efforts – both at the domestic level as well as through diplomatic measures – to ensure illicit funds are reduced and eventually completely brought to an end.

In May this year, the finance ministry announced that the government has unearthed tax evasion of around Rs 50,000 crore of indirect taxes and undisclosed income of Rs 21,000 crore through a series of measures over the past two years.