The Spokesman of Swiss National Bank, Walter Meier, reveals to Press Trust of India, a news agency, that the deposits from India amounted to $2.5 billion Swiss francs ($2.5 billion) at the Swiss National Bank by the end of 2010.

The total of $2.1 billion comprised of savings and deposits from the companies, financial organisation and individuals. The left over $400 million represented deposits in Swiss accounts held by wealth managers on behalf of Indian clients.

The Supreme Court of India had ordered to examine the matter and look into the undeclared money in the foreign accounts. The issue had been drifted into a controversial issue by the political leaders in the opposition, pointing at the Congress, the ruling party in India, for hiding the seriousness of the problem.

All this money was deposited by various people in foreign banks so as to escape huge tax burdens; this sort of money is popularly known as black money. According to the Swiss central bank's data, Indians had removed $500 million from Swiss banks since 2008.

Some analyst from the US revealed that due to these wealth deposits in the banks overseas, India suffered a loss of $19 billion per year from the year 2004 up to 2008. The Indian officials looking into the matter suspect that not only Swiss bank, banks in Singapore and Dubai also consisted of major deposits from India.