<h1>India Sees Drop in Swiss Bank Funds; Black Money Act 2015 Boosts Crackdown on Undisclosed Foreign Assets.</h1> Recent reports indicate a significant decrease in funds held by Indians in Swiss banks, though these figures do not necessarily reflect black money amounts. India has established tax treaties with 139 countries to facilitate information exchange. The government has implemented the Black Money Act, 2015, to address undisclosed foreign income and assets, enabling stricter penalties and prosecutions. Initiatives include forming a Special Investigation Team, engaging in global information exchange agreements, and enhancing domestic enforcement actions. The Income Tax Department has conducted numerous searches and surveys, uncovering substantial amounts of undisclosed income and increasing criminal prosecutions to combat tax evasion and black money.