Finance Minister Piyush Goyal on Tuesday said that the amount of Indian money deposited in Swiss National Bank has reduced by 80 percent between 2014 and 2017 after the BJP government led by Prime Minister Narendra Modi came to power in 2014.
“After Narendra Modi government came to power in 2014, the amount deposited in Swiss National Bank has reduced by 80%,” said Goyal.
Responding to questions regarding the details of money stashed in Swiss banks, Goyal told Rajya Sabha that loans and deposits of individual Indians in the bank decreased by 34.5 percent in the last year compared to the previous year.
“Bank of International Settlements data shows a decrease of 34.5% in assets held by Indian residents in Switzerland in 2017, as compared to 2016. Earlier data claiming 50% increase misinterpreted”, Goyal informed the Rajya Sabha.
It is assumed that assets held by Indian residents in Switzerland are undeclared. BIS data shows non-Bank loans and deposits (constituting individual and corporate deposits used as Black money have in past and exclude interbank transactions) fell by 34.5 percent in 2017 compared to 2016.
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.
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