New Delhi | Interim Finance Minister Piyush Goyal on Friday said that India- Switzerland agreement will provide them with all data on black money by the end of the next accounting year.
Speaking on reports about money parked by Indians in Swiss banks rising by 50 percent in 2017, Goyal said, “All the data will be made available to us from February 1, 2018, to the end of this accounting year. So, why to assume this is black money or illegal transactions?”
Goyal also mentioned a report which said 40 percent of the total amount was deposited under Liberalised Remittance Scheme started by former finance minister P. Chidambaram. “I don’t know why they allowed any individual, including NRIs, to liberally remit $2.5 lakh outside the country,” said Goyal.
Goyal who is handling the interim charge of Finance ministry further stressed that strict action will be taken against anyone who is found guilty once the information is out. Speaking on the devaluation of the Indian Rupee, Goyal said decisions will be taken keeping the international situation in mind. “Whatever action we will take, it will be taken keeping the international situation in mind, knee-jerk reactions are not called for,” said Goyal.
Making a comparison between rates of today and what had existed in 2013, he said the value of Rupee hasn’t depreciated in the past five years. “Rupee was in a worse state in 2013, under FDNR(B) scheme introduced by Raghuram Rajan, India borrowed $ 32 billion which we have fully returned. The rupee hasn’t depreciated in the past five years.”
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