Saturday, 20 October, 2018

Indians' money in Swiss banks rises 50% in one year

Indians' money in Swiss banks rises 50% in one year Indians' money in Swiss banks rises 50% in one year
Nellie Chapman | 29 June, 2018, 23:35

Hour after the interim Finance Minister Piyush Goyal said that the Centre will get all the data on black money from Switzerland by the end of fiscal 2019, Congress president Rahul Gandhi took a jibe at Modi government over its "failure" to win the fight against black money.

The total funds held by all foreign clients of Swiss banks, however, rose to 1.46 trillion francs in 2017 from 1.42 trillion francs in 2016 despite the Alpine country dismantling bank secrecy. These figures also do not indicate about the quantum of alleged black money, which has been a matter of a major political debate in various countries, including Pakistan and India.

50% jump in Swiss Bank deposits by Indians, is "WHITE" money. This was the lowest level for Indian money since Switzerland began making the data public in 1987.

Swamy tweeted, "Secret Swiss bank accounts deposits from global sources rose by three per cent in last 12 months".

Citing media reports, the minister said that 40 per cent of the money is because of liberalised remittance scheme which was introduced by Mr. Chidambaram.

He was responding to a query about the data showing a rise in Indian deposits past year in Switzerland. The funds held by Indians directly with Swiss banks stood at CHF 664.8 million at the end of 2016, while the same held through fiduciaries or wealth managers was CHF 11 million.

According to Jaitley, past investigations by the tax department have shown that this includes funds held by persons of Indian origin who now hold foreign passport and monies belonging to Non-Resident Indians.

Jaitley, in a note on Facebook, said that the bank's annual report had led to "misinformed reaction in certain circles raising a query whether the government's anti-black money steps have yielded results".

Money parked by Indians in Swiss banks rose over 50 percent to CHF 1.01 billion (Rs 7,000 crore) in 2017, reversing a three-year downward trend amid India's clampdown on suspected black money stashed there.

In 2006, the total funds held by Indians in the Swiss accounts stood at an all-time high of Rs 23,000 crore but it decreased to one-tenth of that level in the next decade.

To remind you, on directions of the Supreme Court, India had constituted a Special Investigation Team (SIT) to probe cases of alleged black money of Indians, including funds stashed overseas in places like Switzerland.