Finance Minister Piyush Goyal while speaking on Black Money in Rajya Sabha, said that the Swiss Bank has clarified that not all bank accounts held by Indians are black money. “The balck money amount deposited in Swiss National Bank has reduced by 80% between 2014 and 2017,” said Goyal.
He was responding to issue raised by the opposition on news reports stating that Swiss Bank’s annual statistics showed an increase of 50% in its total liabilities towards India in 2016-17. “The data is misinterpreted, it includes non-deposit liabilities, business of Swiss branches in India, inter-bank transactions and fiduciary liability,” he elaborated.
“Bank of International settlements data shows a decrease of 34.5% in assets held by Indian residents in Switzerland in 2017, as compared to 2016. Earlier data claiming 50% increase misinterpreted,’ says Finance Minister Piyush Goyal
After 2014 more 4, 000 pieces of information were sought were from Switzerland regarding black money and appropriate investigation was being carried out on that information, he said in the Upper House.
He also said that information about all transactions carried out by Indians in Switzerland would be automatically provided to the government under the recent agreement between the two countries.
Following the uproar in the house during the debate on Black Money in Rajya Sabha, the house has been adjourned till 2 PM.
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