How Much Money Do Indians Hold in Swiss Banks? Government Clarifies Black Money Recovery Over 4 Years
Indian-linked funds in Swiss banks more than tripled in 2024, reaching approximately 3.54 billion Swiss francs (around ₹37,600 crore), according to official data from the Swiss National Bank (SNB). This figure marks the highest amount since 2021, rebounding sharply after a steep 70% decline in 2023 that brought holdings to a four-year low of about 1.04 billion Swiss francs.
Breakdown of Indian Deposits in Swiss Banks
Direct customer deposits by Indian clients constitute only about 346 million Swiss francs (approximately ₹3,675 crore), representing roughly one-tenth of the total Indian-linked funds.
The majority of the funds are held through other banks (3.02 billion CHF), fiduciaries or trusts (41 million CHF), and financial instruments like bonds and securities (135 million CHF).
These liabilities and amounts owed by Swiss banks to Indian clients cover investments by individuals, companies, and financial entities, as well as deposits via Swiss bank branches abroad.
Government Clarifications on Black Money
The Indian government, responding in Parliament, stressed that the SNB data should not be equated with deposits by Indian residents alone or interpreted as black money. The figures include various forms of holdings and liabilities and do not exclusively represent illicit funds.
India and Switzerland have been cooperating actively under the Automatic Exchange of Information (AEOI) framework since 2018, enabling India to receive annual financial information on Indian residents’ overseas accounts, which aids in cracking down on undisclosed assets.
Black Money Recovery Efforts
The government has pursued black money recovery rigorously over the past four years through international cooperation, legal proceedings, and enforcement.
Hundreds of cases of suspected tax evasion linked to overseas accounts have been investigated with shared information between the two countries.
The government continues to monitor and update on recoveries without conflating legitimate banking figures with illicit funds.
Frequently Asked Questions (FAQ)
Q1: How much money do Indians hold in Swiss banks as of 2024?
Indian-linked funds total around 3.54 billion Swiss francs (~₹37,600 crore), but direct Indian customer deposits are about 346 million Swiss francs (~₹3,675 crore).
Q2: Does this figure represent black money?
No, the Swiss National Bank data aggregates multiple types of holdings and liabilities and does not imply all funds are black money.
Q3: How does India track and recover black money held abroad?
India uses Automatic Exchange of Information (AEOI) with Switzerland and other countries to access financial data, leading to investigations, legal actions, and asset recoveries.
Q4: What is the significance of the sharp rise in Indian-linked funds in 2024?
The rise mainly reflects funds held through financial institutions and banks, not a major increase in individual deposits.
Q5: What ongoing measures does the Indian government take against black money?
The government actively pursues cross-border cooperation, audits, and enforcement to identify and recover illicit funds parked abroad.
Published on: July 28, 2025
Published by: PAVAN
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