Indian deposits in Swiss Bank actually fell, reports of increase misleading: Piyush Goyal

piyush goyal

New Delhi, July 24: Terming Data of Swiss Bank’s annual statistics that showed increase of 50% in its total liabilities towards India in ’16-’17 as misinterpreted report, Finance Minister Piyush Goyal on Tuesday said loans and deposits of individual Indians in the bank decreased by 34.5% in the last year compared to the previous year.

After Modi government came to power in 2014, the amount deposited in Swiss National Bank has reduced by 80% between 2014 and 2017,Piyush Goyal said in Rajya Sabha

Speaking in Rajya Sabha, Piyush Goyal said that the media reports claiming an increase of 50% in deposits made by Indians in the Swiss banks were misleading as individual deposits in Swiss banks have decreased by over 35%, as against the increase of 50% reported by the media.

He said  that Data is misinterpreted, it includes Non-deposit liabilities,Business of Swiss branches in India,Inter bank transactions,Fiduciary liability and now the government will have better access to data after September 2019.

Piyush Goyal said that the 50% increase also include non-deposit liabilities and the businesses of Swiss bank branches in India. “From January 1, any deposit made by an Indian will be automatically available to the government,” Piyush Goyal said. The treaty signed with Switzerland with an aim to crackdown black money has entailed access to data on transactions made by Indians. In December 2017, India and Switzerland signed a deal that allowed the government access of tax-related information from 1 January 2018.

In late June, news  agencies reported that money parked by Indian in the Swiss banks surged by 50% to ₹7,000 crore in the calendar year 2017, reversing a three-year downturn.

Piyush Goyal had earlier said that all deposits made by Indians cannot be termed black money and assured that the authorities will take action against those involved in the illegal parking of funds.

Piyush Goyal in Rajya Sabha: It’s assumed that assets held by Indian Residents in Switzerland are undeclared.BIS data shows non-Bank loans&deposits(constituting individual&corporate deposits used as Black money haven in past & exclude interbank transactions)fell by 34.5% in ’17 compared to ’16:

 

 

 

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