Indian Deposits in Swiss Banks Triple in 2024

2025-06-22 08:02:50

(MENAFN) Indian deposits held in Swiss banks have increased threefold compared to last year, reaching approximately USD3.78 billion in 2024, according to a news agency, which cited figures from the Swiss National Bank (SNB).

This amount marks the highest level since 2021, when Indian holdings in Swiss banks peaked at a 14-year record of USD4.13 billion, based on SNB statistics.

For years, Indian political leaders have alleged that Swiss banks contain unreported or “black money,” often suspected to be funds originating from corruption. Nevertheless, Swiss officials have consistently emphasized that the assets maintained by Indians in Switzerland should not be presumed to be illicit by default.

The Swiss government has previously pledged to work closely with New Delhi to address issues of tax evasion and fraudulent activities.

In 2016, Switzerland and India signed a joint declaration to implement the automatic exchange of information concerning tax matters.

This agreement enables Switzerland to share detailed financial data with India regarding Indian residents who maintain accounts at Swiss financial institutions.

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