Indian money in Swiss banks jumps more than three time in 2024, hits Rs 37,600 crore, data shows
Indian money parked in
Swiss banks
more than tripled in 2024, reaching 3.54 billion
Swiss francs
(around Rs 37,600 crore), the
Swiss National Bank
(SNB) revealed on Thursday. This is the highest level since 2021.
Most of the increase came from funds held through bank channels and other financial entities, not individual customer accounts. Deposits directly from Indian customers rose modestly — up 11% to 346 million Swiss francs (about ₹3,675 crore). These deposits make up just one-tenth of the total Indian-linked funds.
According to the SNB, the total CHF 3,545.54 million reflects all liabilities of Swiss banks toward Indian clients. This includes CHF 3.02 billion held through other banks, CHF 346 million in customer accounts, CHF 41 million via fiduciaries or trusts, and CHF 135 million in other instruments like bonds and securities.
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In contrast, these funds had dropped by 70% in 2023, hitting a four-year low of CHF 1.04 billion. The latest rise is therefore seen as a significant rebound, though still short of the all-time high of CHF 6.5 billion in 2006.
The SNB data is based on official reports by banks and does not reveal details about alleged
black money
or accounts held through entities in other countries. Swiss officials have repeatedly said these funds cannot automatically be labelled illicit.
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'Assets held by Indian residents in Switzerland cannot be considered as 'black money',' Swiss authorities have stated. 'Switzerland actively supports India in its fight against tax fraud and evasion.'
Switzerland has been sharing annual financial details of Indian residents since 2018 under an automatic exchange of information agreement. The first data transfer to Indian authorities took place in September 2019. Since then, regular information sharing has continued, including on accounts with suspected links to financial irregularities.
'Such exchange of information has taken place in hundreds of cases so far,' according to Swiss officials.
While Indian-linked money rose sharply, total foreign client funds in Swiss banks fell slightly to CHF 977 billion in 2024 from CHF 983 billion a year earlier. Indian clients held CHF 1.59 billion in assets by the end of 2023 — an increase of 9% year-on-year.
India rose to the 48th spot globally in terms of funds in Swiss banks, up from 67th last year. However, this is still below the 46th rank it held at the end of 2022.
Among neighbouring countries, Pakistan saw a dip to CHF 272 million, while Bangladesh's funds rose sharply to CHF 589 million. Like in India, discussions around black money in Swiss accounts are sensitive topics in both countries.
Globally, the UK topped the list with CHF 222 billion in Swiss banks, followed by the US (CHF 89 billion) and West Indies (CHF 68 billion). Other top contributors include Germany, France, Hong Kong, Luxembourg, Singapore, Guernsey, and the UAE.
Meanwhile, data from the Bank for International Settlements (BIS), which tracks Indian non-bank clients' deposits and loans with Swiss-domiciled banks, also showed an uptick. These funds rose 6% in 2024 to USD 74.8 million (about ₹650 crore).
This followed three years of decline — 25% in 2023, 18% in 2022, and over 8% in 2021. At its peak in 2007, BIS data showed Indian deposits exceeding USD 2.3 billion.
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