Swiss Banks Will Share Black Money Data With India By 2019, Says Piyush Goyal
A day after it was reported that Indian money in Swiss banks has risen by 50 per cent in 2017, Interim Finance Minister Piyush Goyal on Friday said that Switzerland will provide all data on black money by the end of this financial year, i.e., March 2019.
New Delhi, June 29: A day after it was reported that Indian money in Swiss banks has risen by 50 per cent in 2017, Interim Finance Minister Piyush Goyal on Friday said that Switzerland will provide all data on black money by the end of this financial year, i.e., March 2019. When asked about the rise in Indian money in Swiss banks, Goyal said, "Agreement between India and Switzerland has this. From January 1, 2018, till end of accounting year, all data will be made available. So why assume this is black money or illegal transactions?"
He added that strict action will be taken against those found guilty of having stashed money abroad. "Today, nobody has the guts to save money outside the country. And it has been made possible only because of this government's hard work," Goyal said.
The annual data released by the Swiss National Bank on Thursday said that money parked by Indians in Swiss banks rose over 50 per cent to Swiss Francs (CHF) 1.01 billion (₹7,000 crore) in 2017, reversing a three-year downward trend amid India’s clampdown on suspected black money stashed there.
In comparison, the total funds held by all foreign clients of Swiss banks rose about 3% to CHF1.46 trillion or about ₹100 lakh crore in 2017, the report said.
According to the SNB data, the total funds held by Indians directly with Swiss banks rose to CHF999 million Swiss franc (₹6,891 crore) in 2017, while the same held through fiduciaries or wealth managers increased to CHF16.2 million (₹112 crore). These figures stood at CHF664.8 million and CHF11 million, respectively, at the end of 2016.
As per the latest data, the Indian money in Swiss banks included CHF464 million (₹3,200 crore) in the form of customer deposits, CHF152 million (₹1,050 crore) through other banks and CHF383 million (₹2,640 crore) as ‘other liabilities’ such as securities at the end of 2017.
With inputs from PTI
(The above story first appeared on LatestLY on Jun 29, 2018 02:36 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).