Indian deposits in Swiss banks increase threefold in 2024 – Media

Indian deposits in Swiss banks rose threefold year-on-year in 2024, to about $3.78 billion, the PTI news agency reported, citing data from the Swiss National Bank (SNB). The current total in the European tax haven is the highest since 2021, when Indian deposits in Swiss banks reached a 14-year high of $4.13 billion, according to SNB data.

Indian politicians have long claimed that Swiss banks hold unaccounted or “black money,” believed to be proceeds from corruption. The Swiss authorities, however, have consistently stated that the assets held by Indians in Switzerland should not be automatically assumed to be illegal. 

Bern has previously committed to cooperating with New Delhi to combat tax evasion and fraud. Switzerland and India signed a joint declaration on the introduction of automatic exchange of information on tax matters in 2016. Under this agreement, Switzerland provides India with detailed financial information on Indian residents who hold accounts with Swiss financial institutions. 

The exchange, the first of which took place in 2019, is annual. The Swiss authorities have reportedly shared information about hundreds of Indian account holders suspected of financial misconduct, in response to India submitting evidence to support the claims.

Switzerland has long been considered a tax haven due to its low taxes and stringent privacy laws. The UK topped the list of Swiss bank deposit owners in 2024, while India was in 48th place, up from 67th at the end of 2023, the PTI report added.