Spike in Indian money parked in Swiss banks? Here's reality
Money linked to India in Swiss banks shot up to ₹37,600 crore in 2024.
But before you jump to conclusions, the government says this spike doesn't automatically mean more black money.
The Swiss National Bank counts not just personal deposits but also funds moved through foreign branches and big financial institutions.
Foreign bank account isn't illegal: Government
Here's the real deal: only a portion is actually direct deposits from Indians. The rest comes from complex international banking flows.
Since 2018, India has been getting yearly info from Switzerland to track any hidden assets abroad. Plus, the government has slapped over ₹35,000 crore in tax and penalties under its Black Money Act and filed 163 prosecution cases by March 2025.
So having a foreign bank account isn't illegal—as long as you declare it and pay your taxes—the focus is on catching undeclared or illicit wealth.
This clarification helps keep the conversation around financial transparency honest and informed.