US EditionRecord 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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Record foreign asset disclosures as govt steps up scrutiny: Finance ministry
The ministry's announcement came in the backdrop of a PTI report citing data from the Swiss National Bank, which showed that Indian funds in Swiss banks more than tripled in 2024 to Swiss Franc (CHF) 3.5 billion (around ₹37,600 crore)—marking the highest level since 2021.
Government clarifies to media reports on rise in Swiss bank deposits | Check full breakdown of data
Amid media speculation regarding a reported rise in deposits by Indian entities in Swiss bank accounts, the Government of India and a report of the Finance Ministry on Friday (June 20) clarified that these figures include a mix of funds from enterprises, banks, and individuals and must not be viewed in isolation. India is actively collaborating on global tax transparency To combat offshore tax evasion, India participates in several international…
Indian funds in Swiss banks triple, banking routes see sharpest surge
Indian funds in Swiss banks surged over threefold to CHF 3.5 billion (Rs 37,600 crore) in 2024, mainly due to a massive rise in holdings through financial institutions and banking channels. However, customer deposits rose by just 11%, making up only one-tenth of the total funds, which remain under tax scrutiny despite regular data sharing with Indian authorities.
Indian Money In Swiss Banks Triples To Rs 37,600 Crore In 2024, Highest Since 2021: SNB Data
Indian money in Swiss banks tripled to 3.5 billion Swiss francs in 2024, driven by funds through local branches and institutions. Customer deposits rose modestly, comprising a small fraction of the total.
Indian money in Swiss banks more than tripled in 2024
New Delhi/Zurich: Indian money parked in Swiss banks more than tripled in 2024 to 3.5 billion Swiss francs (nearly Rs 37,600 crore) on the back of a huge jump in funds held through local branches and other financial institutions, annual data released by Switzerland’s central bank showed on Thursday. However, money in customer accounts of Indian clients rose by only 11 per cent in the year to 346 million Swiss franc (nearly Rs 3,675 crore) and ac…
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