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Swiss banks hold ₹37,600cr linked to India: What's going on?
Money linked to India in Swiss banks has shot up to ₹37,600 crore this year.
But here's the catch: most of it comes through other banks and financial channels.
Surge includes interbank transfers, complex financial instruments
This surge isn't just about wealthy Indians stashing cash abroad. The numbers include interbank transfers and complex financial instruments, not just personal deposits.
Since 2018, Switzerland has been sharing account info with India to fight tax evasion.
Thanks to this data, India has ramped up tax crackdowns—leading to thousands of assessments and over ₹35,000 crore in tax demands so far.
For anyone curious about how global banking ties into accountability back home, this is a pretty big deal.