The Indian finance ministry just revealed that disclosures of foreign assets and income shot up by 45% this fiscal year, with over 230,000 taxpayers reporting holdings abroad. This comes amid some eyebrow-raising reports about rising Indian deposits in Swiss banks—though the ministry was quick to point out those numbers include corporate and institutional money, not just individuals. Tax authorities are now combing through the filings to verify everything.

Editor’s Note: On the surface, this looks like a win for transparency—more people are fessing up about offshore assets, likely due to tighter enforcement. But the Swiss bank tidbit adds a layer of intrigue. Are wealthy Indians parking more money overseas, or is this just better reporting? Either way, it signals that tax authorities are watching closely, which could mean fewer shady loopholes (or at least more paperwork) for anyone playing fast and loose with foreign accounts.