NEW DELHI: With deposits by way of Indians in Swiss banks surging, finance minister Piyush Goyal on Friday wondered how all of it may be assumed to be black cash, but said robust action could be taken in opposition to someone discovered accountable of wrongdoing.
India would get started getting details of financial institution accounts from Switzerland under a bilateral treaty, he said.
Money parked by way of Indians in Swiss banks rose over 50 per cent to CHF (Swiss franc) 1.01 billion (Rs 7,000 crore) in 2017, reversing a three-year downward trend amid India's clampdown on suspected black cash stashed there.
In comparability, the overall budget held by way of all international purchasers of Swiss banks rose about three per cent to CHF 1.46 trillion or about Rs 100 lakh crore in 2017, in keeping with information released by way of the Swiss National Bank (SNB), the central banking authority of the Alpine nation.
India has a treaty with Switzerland under which the Swiss govt would provide all information from January 1, 2018 until December 31, 2018. India would get information because the accounting yr ends, Goyal said.
Referring to the upward push in Swiss financial institution deposits by way of Indians, Goyal said, "The data that you alluded to will come to us, so how are you assuming that this is black money or this is illegal transaction?"
Around 40 per cent of this cash is because of the Liberalised Remittance Scheme (LRS), Goyal said, bringing up media reviews.
The scheme used to be presented by way of former Finance Minister P Chidambaram. Under the LRS, an individual may remit up to $2,50,000 per yr.
"We will have all information. If someone is found guilty, the government will take strong action against them," Goyal said.
India would get started getting details of financial institution accounts from Switzerland under a bilateral treaty, he said.
Money parked by way of Indians in Swiss banks rose over 50 per cent to CHF (Swiss franc) 1.01 billion (Rs 7,000 crore) in 2017, reversing a three-year downward trend amid India's clampdown on suspected black cash stashed there.
In comparability, the overall budget held by way of all international purchasers of Swiss banks rose about three per cent to CHF 1.46 trillion or about Rs 100 lakh crore in 2017, in keeping with information released by way of the Swiss National Bank (SNB), the central banking authority of the Alpine nation.
India has a treaty with Switzerland under which the Swiss govt would provide all information from January 1, 2018 until December 31, 2018. India would get information because the accounting yr ends, Goyal said.
Referring to the upward push in Swiss financial institution deposits by way of Indians, Goyal said, "The data that you alluded to will come to us, so how are you assuming that this is black money or this is illegal transaction?"
Around 40 per cent of this cash is because of the Liberalised Remittance Scheme (LRS), Goyal said, bringing up media reviews.
The scheme used to be presented by way of former Finance Minister P Chidambaram. Under the LRS, an individual may remit up to $2,50,000 per yr.
"We will have all information. If someone is found guilty, the government will take strong action against them," Goyal said.
Strong action to be taken against illicit Swiss deposits: Finance minister
![Strong action to be taken against illicit Swiss deposits: Finance minister]()
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June 29, 2018
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