Economy

Not all Swiss bank money illegal

Not all Swiss bank money illegal

But Indians' deposits in the Swiss banks rose by 50 percent to 1.01 billion francs amid a clampdown on suspected black money stashed there after a 45 percent fall in 2016.

Amid a decline seen in Indian money over the previous three years, there was a view that Indians who had allegedly parked their illicit money in Swiss banks in the past may have shifted the funds to other locations after a global crackdown began on the mighty banking secrecy practices in Switzerland.

As The Indian Express reported today, the Rs 7000 crore parked by Indians in Swiss banks in 2017 came when remittances under the RBI's Liberalised Remittance Scheme jumped nearly 39 per cent in 2017-18.

West Bengal Chief Minister Mamata Banerjee today slammed the Centre over increase in flight of money to Swiss bank and blamed this to demonetisation.

As per the latest data released on Thursday by Switzerland's central bank SNB (Swiss National Bank), the funds linked directly to clients from Pakistan stood at CHF 1,100.7 million at the end of 2017, while the money held through fiduciaries or wealth managers was CHF 15 million.

The total funds held by all foreign clients of Swiss banks saw a rise of about 3 per cent to CHF 1.46 trillion that is about Rs 100 lakh crore in 2017, according to Swiss National Bank's official annual data released on Friday.

Since then, this is the only time when a rise in Indian deposits have been registered, in 2011, 2013, and now in 2017.

More news: Local Leaders Offer Prayers After Fatal Shooting at Capital Gazette

He was responding to a query about the data showing a rise in Indian deposits previous year in Switzerland.

Over the last three years among the measures taken by the Indian government to combat black money include the enactment of Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, the Income Declaration Scheme in 2016 and the Pradhan Mantri Garib Kalyan Yojana last year. "Indians' deposits however grew 50 per cent".

Reacting to the reports, the Congress and other Opposition parties targeted Prime Minister Narendra Modi over his claims of retrieving black money stashed overseas.

The Congress said such deposits had fallen during the UPA regime.

In another tweet, Yechury said the data is no surprise since the "Modi government writes off lakhs of crores of unpaid loans of crony corporate and businessmen flee India after looting public money under his watch".

Earlier, Gandhi said that Modi says a 50-per cent jump in deposits by Indians is of "white money" and that there is no "black money".


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