Indian Money In Swiss Banks Down By 80% Under Modi Government: Piyush Goyal
Indian Money In Swiss Banks Down By 80% Under Modi Government: Piyush Goyal Union Finance Minister Piyush Goyal told the Rajya Sabha that Indian black money has reduced by 80 per cent in Swiss Bank under Modi Government. Union Finance Minister replied to the opposition's accusations that government is going slow on graft and black money recovery by saying, “Black money in Swiss Banks has gone down by 80 per cent between 2014 and 2017. The figures published by Swiss National Bank are regularly mentioned in the Indian media without taking into account the way the figures are interpreted.” He also said that their government have sought nearly 4,000 pieces of information from Swiss Banks. Depending upon that data, the government received, they would like to take an action on the same. Recently, Swiss National Bank (SNB) reports suggested that not all the money in the Swiss Banks is black money but includes non-deposit liabilities, inter-bank transactions, the business of Swiss banks in India and fiduciary liabilities among others. Data from the Bank of International Settlements (BIS) show non-bank loans and deposits have fallen by 34.5 per cent in 2017 compared to 2016 ($524 mn in 2017 as against $800 mn in 2016) -PTC NEWS
