NEW DELHI: With deposits through Indians in Swiss banks surging, finance minister Piyush Goyal on Friday questioned how all of it can be assumed to be black cash, however stated sturdy motion can be taken against somebody discovered in charge of wrongdoing.
India would get started getting main points of financial institution accounts from Switzerland beneath a bilateral treaty, he stated.
Money parked through Indians in Swiss banks rose over 50 in step with 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 entire finances held through all overseas purchasers of Swiss banks rose about 3 in step with cent to CHF 1.46 trillion or about Rs 100 lakh crore in 2017, according to data released through the Swiss National Bank (SNB), the central banking authority of the Alpine country.
India has a treaty with Switzerland beneath which the Swiss govt would provide all data from January 1, 2018 till December 31, 2018. India would get data because the accounting yr ends, Goyal stated.
Referring to the upward push in Swiss financial institution deposits through Indians, Goyal stated, "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 in step with cent of this cash is on account of the Liberalised Remittance Scheme (LRS), Goyal stated, bringing up media reports.
The scheme was presented through former Finance Minister P Chidambaram. Under the LRS, an individual may just remit as much as $2,50,000 in step with yr.
"We will have all information. If someone is found guilty, the government will take strong action against them," Goyal stated.
India would get started getting main points of financial institution accounts from Switzerland beneath a bilateral treaty, he stated.
Money parked through Indians in Swiss banks rose over 50 in step with 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 entire finances held through all overseas purchasers of Swiss banks rose about 3 in step with cent to CHF 1.46 trillion or about Rs 100 lakh crore in 2017, according to data released through the Swiss National Bank (SNB), the central banking authority of the Alpine country.
India has a treaty with Switzerland beneath which the Swiss govt would provide all data from January 1, 2018 till December 31, 2018. India would get data because the accounting yr ends, Goyal stated.
Referring to the upward push in Swiss financial institution deposits through Indians, Goyal stated, "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 in step with cent of this cash is on account of the Liberalised Remittance Scheme (LRS), Goyal stated, bringing up media reports.
The scheme was presented through former Finance Minister P Chidambaram. Under the LRS, an individual may just remit as much as $2,50,000 in step with yr.
"We will have all information. If someone is found guilty, the government will take strong action against them," Goyal stated.
'Strong action to be taken against illicit Swiss deposits'
!['Strong action to be taken against illicit Swiss deposits']()
Reviewed by Kailash
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June 30, 2018
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