Not all Swiss bank money illegal: govt.
NEW DELHI, JUNE 30, 2018 00:00 IST
Can’t assume 50% rise in deposits is black money: Goyal
Finance Minister Piyush Goyal said on Friday that the reported 50% rise in deposits by Indians in Swiss banks could not be presumed to be a case of black money parked abroad. He added that the government would start getting details on bank accounts of Indians in Switzerland from next year under a bilateral tax treaty, and strong action would be instituted against anyone found guilty.
The Minister was responding to news reports that money parked by Indians in Swiss banks rose to CHF (Swiss Franc)1.01 billion (Rs. 7,000 crore) in 2017. The surge reversed a declining trend over three years amid a “clampdown” on suspected black money stashed overseas.
In comparison, the total funds held by all foreign clients of Swiss banks rose only about 3%, to CHF 1.46 trillion, about Rs. 100 lakh crore in the same period, according to data released by the Swiss National Bank (SNB).
Blames Chidambaram
Citing reports, Mr. Goyal said 40% of the deposits was the result of the liberalised remittance scheme introduced by former Finance Minister P. Chidambaram. As per the scheme, an individual could remit up to $2,50,000 per year, he said.
Replying to reporters’ queries, Mr Goyal said, “The data that you alluded to will come to us; so how are you assuming that this is black money or this is illegal transaction?”
“We will have all information if someone is found guilty, [and] the government will take strong action against them,” he said.
Almost exactly a year ago, in an address to the Institute of Chartered Accountants of India (ICAI) on July 1, 2017, Mr. Modi had highlighted a record 45% drop in deposits by Indians in Swiss banks.
Reacting to the reports, the Congress and other Opposition parties targeted Prime Minister Narendra Modi over his claims of retrieving black money stashed abroad. The JD(U), a BJP ally, also expressed “grave concern” over the surge in Indian deposits.
Attacking Mr. Modi, Congress president Rahul Gandhi tweeted: “2014, HE said: I will bring back all the “BLACK” money in Swiss Banks & put 15 Lakhs in each Indian bank A/C. 2016, HE said: Demonetisation will cure India of “BLACK” money. 2018, HE says: 50% jump in Swiss Bank deposits by Indians, is “WHITE” money. No “BLACK” in Swiss Banks!”
‘Fell during UPA tenure’
The Congress said such deposits had fallen during the UPA regime. “Swiss Bank deposits fell during Dr. Manmohan Singh’s time, only to rise to record levels under PM Modi. The current increase of 50.2% post demonetisation is the maximum since 2004,” the party said on Twitter. “What happened to Prime Minister Modi’s promise of eradicating corruption and bringing back black money?” asked party spokesperson R.P.N. Singh.
NEW DELHI, JUNE 30, 2018 00:00 IST
Can’t assume 50% rise in deposits is black money: Goyal
Finance Minister Piyush Goyal said on Friday that the reported 50% rise in deposits by Indians in Swiss banks could not be presumed to be a case of black money parked abroad. He added that the government would start getting details on bank accounts of Indians in Switzerland from next year under a bilateral tax treaty, and strong action would be instituted against anyone found guilty.
The Minister was responding to news reports that money parked by Indians in Swiss banks rose to CHF (Swiss Franc)1.01 billion (Rs. 7,000 crore) in 2017. The surge reversed a declining trend over three years amid a “clampdown” on suspected black money stashed overseas.
In comparison, the total funds held by all foreign clients of Swiss banks rose only about 3%, to CHF 1.46 trillion, about Rs. 100 lakh crore in the same period, according to data released by the Swiss National Bank (SNB).
Blames Chidambaram
Citing reports, Mr. Goyal said 40% of the deposits was the result of the liberalised remittance scheme introduced by former Finance Minister P. Chidambaram. As per the scheme, an individual could remit up to $2,50,000 per year, he said.
Replying to reporters’ queries, Mr Goyal said, “The data that you alluded to will come to us; so how are you assuming that this is black money or this is illegal transaction?”
“We will have all information if someone is found guilty, [and] the government will take strong action against them,” he said.
Almost exactly a year ago, in an address to the Institute of Chartered Accountants of India (ICAI) on July 1, 2017, Mr. Modi had highlighted a record 45% drop in deposits by Indians in Swiss banks.
Reacting to the reports, the Congress and other Opposition parties targeted Prime Minister Narendra Modi over his claims of retrieving black money stashed abroad. The JD(U), a BJP ally, also expressed “grave concern” over the surge in Indian deposits.
Attacking Mr. Modi, Congress president Rahul Gandhi tweeted: “2014, HE said: I will bring back all the “BLACK” money in Swiss Banks & put 15 Lakhs in each Indian bank A/C. 2016, HE said: Demonetisation will cure India of “BLACK” money. 2018, HE says: 50% jump in Swiss Bank deposits by Indians, is “WHITE” money. No “BLACK” in Swiss Banks!”
‘Fell during UPA tenure’
The Congress said such deposits had fallen during the UPA regime. “Swiss Bank deposits fell during Dr. Manmohan Singh’s time, only to rise to record levels under PM Modi. The current increase of 50.2% post demonetisation is the maximum since 2004,” the party said on Twitter. “What happened to Prime Minister Modi’s promise of eradicating corruption and bringing back black money?” asked party spokesperson R.P.N. Singh.
No comments:
Post a Comment