Archive · 21 Jun 2025
Finance Ministry Addresses Swiss Bank Deposit Reports
The Indian government is working with other countries, like Switzerland, to find out if Indian citizens are hiding money overseas.
They share financial information to catch people not paying taxes.
The government is asking taxpayers to check their tax returns and report any hidden assets or income.
Because of this, more people are coming forward and declaring their foreign assets and income.
The government is also taking action against those who do not comply.
The Finance Ministry clarified reports regarding Indian deposits in Swiss banks.
India receives annual financial account information from Switzerland under the AEOI framework.
24,678 taxpayers reviewed their ITRs, and 5,483 filed belated returns.
Taxpayers disclosed foreign assets worth ₹29,208 crore and additional income of ₹1,089.88 crore.
2.31 lakh taxpayers reported foreign assets and income for AY 2024-25, a 45.17% rise.
- Who
- Finance Ministry, Indian taxpayers, and tax authorities.
- What
- Clarification on reports of Indian deposits in Swiss banks and efforts to curb tax evasion.
- When
- Ongoing, with data exchanges since 2018 and the first data transmission in September 2019.
- Where
- Switzerland and India.
- Why
- To curb offshore tax evasion through international cooperation and data sharing.
- Framework
- Automatic Exchange of Information (AEOI)
- Data Exchange Start
- September 2019
- Taxpayers Reviewing ITRs
- 24,678
- Belated Returns Filed
- 5,483
- Declared Foreign Assets
- ₹29,208 crore
- Additional Foreign Income
- ₹1,089.88 crore
- Increase in taxpayers reporting foreign assets
- 45.17%
Sources
Indian deposits in Swiss banks down nearly 18% over last 10 years: Here’s why
India, US, China Record Lower Swiss Bank Deposits Over 10 Years
Over ₹30,000 crore worth of foreign assets, income declared for AY25: I-T Dept
Foreign asset declarations jump 45% as I T dept cracks down on unreported income, says Finance Ministry
Record foreign asset disclosures as govt steps up scrutiny: Finance ministry
