'After 2014 deposits by Indians in Swiss banks fell 80 per cent'

Last Updated: Tue, Jul 24, 2018 14:57 hrs
Piyush Goyal

New Delhi: Acting finance minister Piyush Goyal's statement in the Rajya Sabha on black money.

Goyal says that news reports have been Swiss Banks annual statistics that showed an increase of 50% in its total liabilities towards India in 2016-17. He said the data is misinterpreted as it includes non-deposit liabilities, business of Swiss branches in India, inter-bank transactions and fiduciary liability.

"After the Modi govt came to power in 2014, the amount deposited in the Swiss National Bank has reduced by 80% between 2014 and 2017.

"According to data released by Swiss National Bank, loans and deposits of individual Indians in the bank decreased by 34.5% in the last year compared to the previous year.

"It's assumed that assets held by Indian residents in Switzerland are undeclared. BIS data shows non-bank loans and deposits (constituting individual and corporate deposits used as black money have in the past and exclude inter-bank transactions) fell by 34.5% in '17 compared to '16.

"Bank of International settlements data shows a decrease of 34.5% in assets held by Indian residents in Switzerland in 2017, as compared to 2016. Earlier data claiming 50% increase misinterpreted."