(MENAFN) Deposits by Indian account holders in Swiss banks have surged threefold in 2024, totaling approximately $3.78 billion, according to data from the Swiss National Bank (SNB) cited by the PTI news agency. This figure marks the highest level since 2021, when Indian holdings in Swiss banks hit a 14-year peak of $4.13 billion.

Indian politicians have long alleged that Swiss banks harbor unreported or "black money," often linked to corruption. However, Swiss officials maintain that funds held by Indians in Switzerland should not be automatically presumed illegal.

Switzerland has pledged cooperation with India to fight tax evasion and financial fraud. In 2016, both countries signed a joint declaration to implement automatic exchange of tax-related information. This agreement allows Switzerland to annually share detailed data on Indian residents with accounts in Swiss financial institutions. The first information exchange occurred in 2019.

Swiss authorities have reportedly provided India with details on hundreds of Indian account holders suspected of financial wrongdoing, following evidence presented by Indian authorities.

Switzerland remains a popular tax haven due to its low taxes and strict privacy protections. In 2024, the UK led in Swiss bank deposits, while India climbed to 48th place from 67th at the end of 2023, the PTI report noted.

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