Not all Swiss bank money illegal

Money Of Indians In Swiss Banks Rises 50% To Over Rs 7,000 Crore

Pakistani's wealth at Swiss banks showed a downward trend by nearly 21% to stand at CHF 1.115 billion in 2017, stated by Indian media report.

Gandhi took a swipe at Modi after the Swiss National Bank's annual report on Thursday said that Indian deposits in Swiss banks had increased 50% over the previous year to reach over Rs 7,000 crore in 2017.

Revealing further into the data, customer deposits stood up to CHF464 million (Rs 3,200 crores), CHF 152 million (Rs 1,050 crores) through other banks and CHF383 million (Rs 2,640 crores) as other liabilities such as securities.

The total funds held by Indians with Swiss banks stood at a record high of CHF 6.5 billion (Rs 23,000 crore) at 2006-end, but came down to almost one-tenth of that level in about a decade.

Goyal had maintained that under an agreement signed by the Modi government with Switzerland, all data from January 1, 2018, will be made available to the Indian government.

According to the official statement released by Swiss National Bank, the total funds deposited by foreign clients into Swiss banks rose with only 3 percent to CHF 1.46 trillion or approximately Rs 100 lakh crore in 2017.

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Communist Party of India (Marxist) leader Sitaram Yechury tweeted that the rise in funds parked in Swiss banks was not surprising. A number of other major countries also saw their funds falling in Swiss banks amid a global clampdown against the erstwhile banking secrecy walls in the Alpine nation.

Finance Minister Piyush Goyal said on Friday that the reported 50% rise in deposits by Indians in Swiss banks could not be presumed to be a case of black money parked overseas. "No "BLACK" (money) in Swiss banks!" the Congress chief said.

Congress President Rahul Gandhi criticised Prime Minister Narendra Modi for allegedly failing to keep his promises about curbing black money in the country. The money parked directly with the banks is now pegged at CHF 999 million (Rs 6,891 crore) and another CHF 16.2 million (Rs 112 crore) through fiduciaries.

Speaking to reporters, the Union Minister had said,"Agreement between India and Switzerland has this. No "BLACK" in Swiss Banks!"

The Tax department had detected suspected black money running into thousands of crores of rupees post investigations on global leaks about Indians stashing funds overseas and has launched prosecution against hundreds of them, including those with accounts in the Geneva branch of HSBC.

This reaction comes shortly after Piyush Goyal wondered how all of it can be assumed to be black money. The amount owed by Indian clients to Swiss banks fell by 48 per cent in 2017 to CHF 210 million, down from CHF 570 million in 2015 and CHF 407 million in 2016.

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