As money parked in Swiss banks by Indians more than tripled in 2024, the Income Tax Department on Friday said that over ₹30,000 crore in foreign assets and income have been declared by Indian taxpayers for the Assessment Year 2024-25 (Fiscal Year 2023-24).

On Thursday, annual data released by Switzerland’s central bank showed that Indian money parked in Swiss banks more than tripled in 2024, to 3.5 billion Swiss francs (nearly ₹37,600 crore) on the back of a surge in funds held through local branches and other financial institutions. However, money in customer accounts of Indian clients rose by only 11 per cent in the year to 346 million Swiss francs (nearly ₹3,675 crore) and accounted for just about one-tenth of overall funds.

Black money concerns

These figures reported by banks to the Swiss National Bank (SNB) do not indicate the quantum of the much-debated alleged black money held by Indians in Switzerland. These figures also do not include the money that Indians, NRIs or others might have in Swiss banks in the names of third-country entities. A debate, however, has started in India on action against black money.

The Income Tax Department said that 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 since, covering even those accounts suspected of engaging in financial irregularities.

Measures in place

The Central Board of Direct Taxes (CBDT) – the apex policy making body for the Income Tax Department – regularly reviews data so received and identifies taxpayers, whose cases require further verification. Such verification is carried out through different modes, including search and survey actions, open enquiries, etc, the department said.

Further,  for AY 2024-25, CBDT compared the data shared under AEOI with the information about foreign assets and income filed in the ITRs by the taxpayers, for the purpose of verification. The analysis covered all jurisdictions, including Switzerland. Additionally, SMS and e-mails were sent out to various taxpayers with a request to review their ITRs, where foreign assets and income were not reported in the appropriate Schedules of ITR.

As a result, “a total of 24,678 taxpayers reviewed their ITRs and 5,483 taxpayers filed their belated return for the AY 2024-25, reporting foreign assets valuing to ₹29,208 crore and additional income of ₹1,089.88 crore as foreign income,” it said. Further, it added that suitable action under the extant provision of law is under consideration for non-responsive taxpayers.

Published on June 20, 2025