Indian Money in Swiss Banks Soars, Raising Financial Transparency Questions

In a significant financial shift, Indian money parked in Swiss banks has more than tripled in 2024, reaching 3.5 billion Swiss francs. This marks a sharp reversal from previous years, driven largely by funds held through local branches and financial institutions, according to data from Switzerland's central bank.

Despite a notable jump in overall funds, customer accounts of Indian clients experienced a modest increase, rising by just 11 percent. These accounts now constitute a mere one-tenth of the total funds. This growth comes after a steep decline in 2023, when the funds had fallen to a four-year low.

While these figures only reflect official data reported to the Swiss National Bank, the increase has reignited debates about alleged black money. Swiss authorities continue to collaborate with India on tax transparency, sharing information under an agreement in place since 2018.

(With inputs from agencies.)