Swiss deposits rise on remittances scheme: Piyush Goyal

Money from India in Swiss banks sees 50% rise to over Rs 7,000 crore

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.

There were several rounds of discussions between Indian and Swiss government officials on the new framework and also for expediting the pending information requests about suspected illicit accounts of Indians in Swiss banks.

Since those record levels, this is only the third time when there has been a rise in Indians' money in Swiss banks - in 2011 (12 per cent), 2013 (43 per cent) and now in 2017 by 50.2 per cent - the maximum increase since 56 per cent way back in 2004.

The Press Trust of India reported on Thursday that Indian deposits in Swiss bank accounts rose 50% to ₹7,000 crore or 1.01 billion Swiss francs (CHF) in 2017.

Swiss banks have earlier said Indians have "few deposits" in Swiss banks compared to other global financial hubs like Singapore and Hong Kong amid stepped-up efforts to check the black money menace.

Communist Party of India (Marxist) leader Sitaram Yechury tweeted that the rise in funds parked in Swiss banks was not surprising.

Finance minister Piyush Goyal. The money need not be from Indian taxpayers either, and can be from non-resident Indians, who are not liable to pay tax in India.

Congress President Rahul Gandhi on Friday targeted Prime Minister Narendra Modi on the issue of black money and said he had promised to bring back all illegal money stashed overseas but his government was now virtually saying that there was no illegal money in Swiss banks.

Finance minister Arun Jaitley hit out at the Congress over allegations that a surge in Swiss Bank deposits by Indians was due to black money, stressing that those who make public statements on such issues must understand "basic facts". The Liberalised Remittances Scheme allows each person to remit up to $250,000 a year.

"We will have all information if someone is found guilty, [and] the government will take strong action against them", he said.

Prime Minister Narendra Modi has said demonetisation would wipe out black money from the system.

"The first big news for this year is that the advance tax deposit during the first quarter of this year has seen a gross increase of 44 per cent in the personal income tax category and 17 per cent in the corporate tax category", Jaitley said.

Reacting to the report, Rahul Gandhi said, " 2014, HE said: I will bring back all the "BLACK" money in Swiss Banks & put 15 Lakhs in each Indian bank A/C. 2016, HE said: Demonetisation will cure India of "BLACK" money.

Congress President Rahul Gandhi on Friday attacked the Modi government over increase in deposits by Indians by over 50% in Swiss Banks.

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