Swiss Bank- Pakistani money down by 21 percent

Money from India in Swiss banks sees 50% rise to over Rs 7,000 crore

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.

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".

However, these official figures disclosed by the SNB do not include the money that the foreign clients of Swiss banks might have kept in the name of shadow entities or shell companies.

Since those record levels, this is only the third time when there has been a rise in Indians' money in Swiss banks - in 2011 (12 per cent), 2013 (43 per cent) and now in 2017 by 50.2 per cent - the maximum increase since 56 per cent way back in 2004.

In a tweet, Gandhi referred to Interim Finance Minister Piyush Goyal's remarks earlier in the day about the latest data released by the Swiss National Bank that showed a rise in Indian deposits previous year.

To remind you, on directions of the Supreme Court, India had constituted a Special Investigation Team (SIT) to probe cases of alleged black money of Indians, including funds stashed overseas in places like Switzerland.

In comparison, the clients' direct money stood at CHF 1,386.6 million and through fiduciaries at CHF 29 million in 2016.

Gandhi said that the Modi government had carried out demonetisation to supposedly curb black money but its stance now was totally different.

"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.

The Congress also brought up the issue in a tweet that said, "One of PM Modi's long-standing campaign promises of bringing back black money falls flat".

Congress has slammed BJP party led by Modi over sudden surge in Indians depositing money in Swiss Banks ever since the NDA government came to power in 2014 and the recent crores of scams witnessed in India. "Goyal said", referring to the report. The total funds held by all foreign clients of Swiss banks rose about 3 percent to CHF 1.46 trillion or about Rs100 lakh crore in 2017, according to the SNB.

Revealing further into the data, customer deposits stood up to CHF464 million (Rs 3,200 crores), CHF 152 million (Rs 1,050 crores) through other banks and CHF383 million (Rs 2,640 crores) as other liabilities such as securities.

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