In a sharp reversal from the previous year, Indian money parked in Swiss banks more than tripled in 2024, reaching CHF 3.54 billion, which is approximately ₹37,600 crore, as per the Swiss National Bank (SNB). This is the highest level since 2021, marking a significant rebound after a 70% dip in 2023.
Where Is the Money Coming From?
Surprisingly, most of the rise came not from individuals but from bank channels and financial institutions. Deposits directly made by Indian individuals rose only 11%, reaching CHF 346 million (about ₹3,675 crore). This constitutes merely one-tenth of the total Indian-linked funds in Switzerland.
The SNB clarified that the CHF 3.54 billion includes:
- CHF 3.02 billion through other banks
- CHF 346 million in personal customer accounts
- CHF 41 million via fiduciaries or trusts
- CHF 135 million in bonds, securities, and other financial instruments
Is It Black Money? Swiss Authorities Say No
Every time these figures are released, concerns about “black money” resurface. However, Swiss authorities have reiterated that the presence of Indian assets in Swiss banks does not automatically mean illicit activity.
“Assets held by Indian residents in Switzerland cannot be considered as black money,” said Swiss officials, highlighting the country’s ongoing cooperation with Indian tax authorities.
Transparency Through Data Exchange
Since 2018, Switzerland has been sharing annual financial information with India under an automatic exchange of information (AEOI) agreement. The first data exchange took place in September 2019, and hundreds of cases have since been shared.
This effort aims to crack down on tax evasion and boost transparency, though details of specific account holders remain confidential.
India Climbs Global Rankings, But Still Trails Major Economies
India rose from 67th to 48th place globally in terms of money held in Swiss banks in 2024. However, this is still below the 46th rank in 2022.
Other South Asian countries showed mixed trends:
- Pakistan: Down to CHF 272 million
- Bangladesh: Rose to CHF 589 million
Globally, the UK topped the list with CHF 222 billion, followed by the US and West Indies.
BIS Data Shows Similar Growth Trend
Separately, the Bank for International Settlements (BIS) reported a 6% rise in Indian non-bank client deposits and loans with Swiss banks in 2024, now at USD 74.8 million (approx ₹650 crore).
Though modest, this uptick ends a three-year decline and shows growing Indian activity in global banking.
