Black Money nearing to end? Indian money deposits in Swiss Bank reduced by 80% during 2014-17

New Delhi, July 24: The amount of Indian money deposited in Swiss National Bank saw a prominent reduction of 80 percent between the year 2014 and 2017 after the PM Modi led government came into the power. This was said by Finance Minister Piyush Goyal in Rajya Sabha on Tuesday.

 

In a written reply to Rajya Sabha after the queries regarding black money in foreign banks was raised, Minister Piyush Goyal said, "After the NJP-led NDA came to power in 2014, deposits in Swiss banks have been reduced by 80 percent till the end of 2017."

Piyush Goyal further vowed to take stringent action quoted saying, “The government had sought 4,000 pieces of information from Swiss banks and depending upon the received data the government will take appropriate action.”

He also added that loans and deposits of individual Indians in the bank decreased by 34.5 percent in the last year compared to the previous year. Refuting the media claims regarding total liabilities that Swiss Bank had towards India between the year 2016 and 2017, the Finance Minister said that the data has been misinterpreted.

The Minister said, “Media reports quoting Swiss Bank’s annual statistics showed an increase of 50 percent in its total liabilities towards India in the year 2016-17 is misinterpreted.” “Data is misinterpreted, it includes non-deposit liabilities, business of Swiss branches in India, interbank transactions, fiduciary liability,” he added.

"Bank of International Settlements data shows a decrease of 34.5 percent in assets held by Indian residents in Switzerland in 2017, as compared to 2016. Earlier data claiming 50 percent increase misinterpreted," he concluded.

Importantly, PM Modi-led central government has taken various measures including Demonetization, bringing act on Benami transactions to curb the corruption in the country. Simultaneously, many actions including MoUs were signed by the centre with Swiss bank and Switzerland government to curb down the deposits and the declaration of data upon which the Indian authorities could take appropriate action.