Retuning of black money back in our country, kept in Swiss bank, was thought to improve our country economy. The Narendra Modi-led government merely made this promise to collect the support from people of India to win the election in 2014. The government today said all the deposits by Indians in Swiss bank accounts cannot be termed black money
“A news item has appeared today indicating an increase of money by Indians in the Swiss banking system. This has led to misinformed reactions in certain circles…” Jaitley blogged. Jaitley said Switzerland had entered into several bilateral treaties for making disclosures about bank deposits to requesting states, including a treaty with India to provide real-time information with regard to Indians from January 2019.
Over the rise in Indian money in Swiss banks government today said all the deposits by Indians in Swiss bank accounts cannot be termed black money and action will be taken against persons parking illegal funds overseas after Switzerland starts sharing real-time account details from January onwards.
Latest data from the Swiss National Bank showed that money parked by Indians in Swiss banks rose over 50 per cent 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 by its citizens overseas.
Black money was just a misinformation, says government
“The data will come to us… how are you assuming this is black money?” said finance minister Piyush Goyal, adding that it includes funds held by persons of Indian origin who now hold foreign passport, monies belonging to non-resident Indians and nearly 40% of the money could be due to the liberalised remittance scheme introduced by ex-FM P Chidambaram, allowing an individual to remit up to $250,000 per year.
A news item has appeared today indicating an increase of money by ‘Indians’ in the Swiss banking system. This has led to misinformed reaction in certain circles raising a query whether the government’s anti-black money steps have yielded results,” Jaitley said in a blog.
In his blog, Jaitley also said that those who participate in a public discourse must understand the basic facts before expressing an opinion which may be ill-informed.
“To assume that all the deposits are per say tax evaded money or that Switzerland in the matter of illegal deposits is what it was decades ago, is to start on a shaky presumption,” he added in the blog titled ‘The Impact of the Government Polices on Direct Tax Collections’.
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