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Record Foreign Asset Disclosures as Govt Steps up Scrutiny: Finance Ministry

SWITZERLAND, JUN 19 – Indian funds in Swiss banks reached CHF 3.54 billion in 2024, driven by institutional holdings and a 70% recovery after a sharp 2023 decline, Swiss National Bank data show.

  • Indian money held in Swiss banks surged to 3.5 billion Swiss francs in 2024, marking the highest level since 2021's 3.83 billion CHF.
  • This increase follows a 70% plunge to 1.04 billion CHF in 2023 and stems from intensified government scrutiny and international data-sharing frameworks since 2018.
  • Swiss National Bank data shows customer deposits rose moderately by 11% to 346 million CHF, while overall funds jumped due to increased holdings via local branches and other financial institutions.
  • In the 2024-25 assessment year, 231,000 taxpayers reported foreign assets, a 45.17% rise from the previous year, with revised filings disclosing 29,208 crore rupees in foreign assets and 1,089.88 crore rupees in foreign income.
  • The government's data-driven enforcement and outreach have prompted greater voluntary compliance, with statutory actions underway against persistent non-compliance and continued annual financial data exchanges with Switzerland.
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The Economic Times broke the news in on Thursday, June 19, 2025.
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