<h1>Automatic Exchange of Information deters undeclared foreign assets; ministry says reported Swiss deposit rise unlikely from undeclared incomes.</h1> Ministry of Finance rejects media claims that reported Swiss deposit increases represent undeclared 'black' money, noting customer deposits and fiduciary funds fell while the rise is mainly in other amounts due from customers such as bonds and securities. India and Switzerland have activated Automatic Exchange of Information under the Multilateral Convention and the Multilateral Competent Authority Agreement, with exchanges in 2019 and 2020 providing a deterrent to tax evasion. The Ministry cites alternative commercial explanations for deposit changes and has requested factual clarification from Swiss authorities.