Swiss Bank Data For 2017-18 Misinterpreted, Amount Deposited by Indians Reduced by 80% After 2014, Says Piyush Goyal
In his address in Rajya Sabha, Goyal said according to data released by Swiss National Bank, loans and deposits of individual Indians in the bank decreased by 34.5% in the last year compared to the previous year.
New Delhi, July 24: Union Finance Minister Piyush Goyal on Tuesday said news reports that quote Swiss Bank Data for 2017-18, showing an increase of 50% in its total liabilities towards India in 2016-17, has been misinterpreted. During his address in Rajya Sabha, Goyal said after Narendra Modi government came to power in 2014, the amount deposited in Swiss National Bank has reduced by 80%.
"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.
Quoting data released by Swiss National Bank, Goyal informed that loans and deposits of individual Indians in the bank decreased by 34.5% in the last year compared to the previous year. Goyal said that data includes non-deposit liabilities, the business of Swiss branches in India, Interbank transactions and Fiduciary liability.
The Finance Minister further said it is assumed that assets held by Indian Residents in Switzerland are undeclared. He said BIS data shows non-Bank loans and deposits(constituting individual&corporate deposits used as Black money haven in past & exclude interbank transactions)fell by 34.5% in '17 compared to '16: P Goyal in RS.
(The above story first appeared on LatestLY on Jul 24, 2018 01:20 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).