Indian funds held in Swiss banks surged to 3.5 billion Swiss francs (approximately Rs. 37,600 crore) in 2024, marking a threefold increase over the previous year. This dramatic rise, driven largely by interbank and institutional holdings, follows a significant drop in 2023 and rekindles public interest in the long-debated issue of alleged black money. However, official data from the Swiss National Bank (SNB) and the Bank for International Settlements (BIS) indicate that this surge is not reflective of personal undisclosed wealth.