India will get all data regarding black money from Switzerland by the end of fiscal 2019, Finance Minister Piyush Goyal said today, a day after the central European nation released data that showed money parked by Indians in Swiss banks rose over 50 per cent to 1.01 billion Swiss francs (Rs. 7,000 crore) in 2017.
In a comment to the media, Goyal said that the Indian government, under the leadership of Prime Minister Narendra Modi, has made a pact with Switzerland to get all data related to Indian deposits starting from January 1, 2018, at the end of the accounting year FY19. He went on to that it is wrong to assume that all of it is black money as all the data will be available with the government by the end of the year.
While Switzerland has already begun sharing foreign client details on evidence of wrongdoing provided by India and some other countries, it has agreed to further expand its cooperation on India’s fight against black money with a new pact for automatic information exchange.
“We will have all the info and if anybody is found guilty, strict action will be taken,” Mr Goyal told reporters in New Delhi.
It is worth mentioning that Indian money in Swiss Banks had reduced sharply by 45 per cent in 2016 – one of the biggest ever plunges, to CHF 676 million or approximately Rs 4,500 crore. This was the lowest ever amount since the European nation started making data public since 1987.