7,000 crores of Indian money deposited in Swiss Banks in 2017

01 July, 2018, 10:26 | Author: Brooke Harris
  • Money parked by Indians in Swiss banks rose over 50 per cent to CHF 1.01 billion in 2017

Nearly 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.

While Switzerland has already begun sharing foreign client details on evidence of wrongdoing provided by India and some other countries, it has agreed to further expand its cooperation on India's fight against black money with a new pact for automatic information exchange. 2018, HE says: 50% jump in Swiss Bank deposits by Indians, is "WHITE" money.

On the backfoot after reports emerged that money parked by Indians in Swiss banks had risen by over 50 per cent, the government indicated on Friday that all the funds that were deposited in Switzerland need not be black money.

"Any illegal depositor knows that it is a matter of months before his name becomes public and he will be subjected to the harsh penal provisions of the black money law in India", said the senior BJP leader and an eminent lawyer.

Finance minister Piyush Goyal said as per the agreement with Switzerland, all data from January 1, 2018, would be available with the government. The Liberalised Remittances Scheme allows each person to remit up to $250,000 a year.

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.

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"We will have all information if someone is found guilty, [and] the government will take strong action against them", he said. On Supreme Court's direction, the government had constituted a Special Investigation Team (SIT) to probe cases of alleged black money of Indians, including funds stashed overseas in places like Switzerland.

Prime Minister Narendra Modi has said demonetisation would wipe out black money from the system.

Interestingly, the funds, described by SNB as "liabilities" of Swiss banks or "amounts due to" their clients, are the official figures disclosed by the Swiss authorities and do not indicate to the quantum of the much-debated alleged black money held by Indians there.

"The first big news for this year is that the advance tax deposit during the first quarter of this year has seen a gross increase of 44 per cent in the personal income tax category and 17 per cent in the corporate tax category", Jaitley said.

Taking to twitter, Rahul wrore: 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.

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