Rahul targets Modi on black money

Indian money in Swiss banks rise 50% to over ₹7000 crore, reversing 3-year downward trend

As per the Swiss banks' statement, funds under all three categories have increased in comparison to huge loses across all heads in the previous years. The following year, these funds fell by 10 per cent to CHF 1.8 billion, followed by further drops of around 33 per cent and 45 per cent in 2015 and 2016, respectively. "Who are you trying to protect", Priyanka Chaturvedi of the Congress said, accusing the government of fashioning its agreement Switzerland in a way that the names of people who had parked their black money in Swiss Banks for decades would never come out.

The Congress delivered a stinging comeback to union ministers Arun Jaitley and Piyush Goyal who have said it was wrong to assume that all money in Swiss banks was black money.

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. The data shows that total funds held by all foreign clients of Swiss banks rose about 3 per cent to CHF 1.46 trillion or about Rs 100 lakh crore in 2017.

The latest data released by the Zurich-based Swiss National Bank (SNB) comes months after a new framework for the automatic exchange of information between Switzerland and India was put in place to help check the black money problem. In 2018, he says: 50 per cent jump in Swiss Bank deposits by Indians, is "WHITE" money. "The current increase of 50.2% post demonetisation is the maximum since 2004", the party said on Twitter.

Joachim Low's side eliminated in Russian Federation with worst campaign since 1938
The good will was extended around the world, including in Madrid, as Mexico earned a last 16 date with Brazil. The African squad tied with Japan on points and goals, and second place was determined by fair play .

However, interim Finance Minister also said, " Strong action would be taken against anyone found guilty of wrongdoing.India would start getting details of bank accounts from Switzerland under a bilateral treaty". A number of other major countries also saw their funds falling in Swiss banks amid a global clampdown against the erstwhile banking secrecy walls in the Alpine nation. He had said it would be enough to deposit 15-20 lakhs in every bank account.

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.

What could explain the decline in Indian money stashed in Swiss banks between 2013 and 2016?

According to Jaitley, past investigations by the tax department have shown that this includes funds held by persons of Indian origin who now hold foreign passport and monies belonging to Non-Resident Indians.

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