As Indian money in Swiss banks tripled in 2024, govt says keeping close watch

AMID reports that Indian money stashed in Swiss banks has tripled in 2024 to ₹38,000 crore, the government has said it is keeping a close eye on possible cases of tax evasion as it receives information about foreign assets and income being maintained in Switzerland, through different mechanisms of exchange of information.

- ENS ECONOMIC BUREAU @New Delhi

In a statement issued on Friday, finance ministry said India receives information about such foreign accounts and assets from 100+ tax jurisdictions, including Switzerland. It said Switzerland has been providing annual financial information about Indian residents since 2018 under the automatic exchange of information (AEOI) framework. The first data transmission to Indian authorities occurred in September 2019, and the exchange has continued regularly since then, covering even those accounts suspected