Amid claims from various quarters that Indians have stashed away huge sums in secret bank accounts in Switzerland, the Swiss banks have asserted that statistics about black money “simply do not exist.”

Various political parties and other groups have claimed that the amount exceeds $1 trillion.

James Nason, Head of International Communications of the Swiss Bankers’ Association, told PTI from Basel: “Anyone claiming to have such figures should be forced to identify his source and explain the methodology used to produce them.”

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