Between December 2023 and October 2024, trading volumes on offshore platforms surged further, INR 2.63 lakh crore (about $31.1 billion). This corresponds to an estimated INR 2,634 crore (approximately $311 million) in TDS owed by offshore platforms, bringing the total uncollected TDS since July 2022 to over INR 6,000 crore, the report stated.
On the other hand, while domestic exchanges showed some improvement in early 2024, the overall trend indicated that locals continued to migrate to offshore platforms, with web traffic data indicating a 34% drop in user activity on major domestic platforms since the start of the year.