No ‘black’ in Swiss banks? Rahul Gandhi’s dig at PM Modi over 50% increase in deposits by Indians

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New Delhi | June 29, 2018 4:38 PM

Rahul Gandhi today took a dig at Prime Minister Narendra Modi over reports of 50 percent rise in Indians stashing money in Swiss banks.

Congress president Rahul Gandhi, Rahul Gandhi, congressCongress president Rahul Gandhi

Rahul Gandhi today took a dig at Prime Minister Narendra Modi over reports of 50 percent rise in Indians stashing money in Swiss banks. Taking to Twitter, the Congress president said that even as the PM has failed on his promise to bring back black money from Swiss banks. Reminding Modi of his all promises, Rahul Gandhi tweeted: “2014, HE said: I will bring back all the “BLACK” money in Swiss Banks & put 15 Lakhs in each Indian bank A/C.”

Reminding countrymen of the government’s demonetisation step to curb black money he added, “2016, HE said: Demonetisation will cure India of “BLACK” money.”

Going further, Rahul Gandhi said, “2018, HE says: 50% jump in Swiss Bank deposits by Indians, is “WHITE” money. No “BLACK” in Swiss Banks!”

The Congress president’s remarks come a day after data released by the Swiss National Bank showed that the money parked by Indians in Swiss banks increased to Swiss Francs (CHF) 1.01 billion (Rs 7,000 crore) in 2017, showing a reverse trend as compared to the downward trend witnessed in the last three years following India’s clampdown on suspected black money.

The increase in Indian money held with Swiss banks has come as a huge surprise given the fact that India continued to take steps against suspected black money kept abroad, including in banks of Switzerland that that was known for secrecy walls for several years.

Reacting to the development, Union minister Piyush Goyal said that the amount being alluded to could not be assumed to be black money in entirety. “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?” he asked, adding that strong action will be taken against those found guilty. The minister further said that the government would start getting details of bank accounts from Switzerland under a bilateral pact.

In 2016, Indian money in Swiss banks dipped by 45 percent, showing the biggest ever annual plunge, to CHF676 million (about Rs 4,500 crore). It was the lowest since the country started making the data public in 1987.

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