India will get black money details from Switzerland by next year, says Piyush Goyal

Union Finance Minister Piyush Goyal on Friday said that if anyone found guilty of wrongdoing, strict action will be taken against them. He also said that in 2019, the government will get complete data related to black money or illegal transactions submitted by Indians in Switzerland. Goyal said that from January 1, 2018 till the end of the financial year (31st March 2019) all data will come to us.

This statement by Piyush Goyal came after the news of the increase in deposits of Indians in Swiss banks by 50% disclosed. For the first time in 4 years, the accumulated money deposited in the Swiss bank increased to one billion Swiss francs (roughly 7,000 crore rupees) in last year. This figure shows an increase of 50 percent compared to a year ago.

  • No need to estimate black money or illegal transactions, Piyush Goyal.
  • Deposits of Indians in Swiss banks increased by 50%.
  • We will have all data of swiss bank deposits of indians by year 2019.
  • No one has the courage to deposit money outside the country.

Goyal said that there is an agreement between India and Switzerland, Under this it has started sharing information about foreign customers on the basis of the information given by India and some other countries. We will get all the data from the 1st of January to the end of the next financial year. So, what is the need to estimate black money or illegal transactions?

Goyal said that at present, no person has the courage to deposit money outside the country and it is possible due to the hard work of the government. Finance Minister Piyush Goyal said that there is no need to “react in shock” in this matter amid declining rupee against the dollar.

It is worth noting that for the first time, the rupee had softened to 69.10 against doller for the first time between the withdrawal of foreign capital due to tariff war in global trade, rising crude prices and increased interest rates in the US. However, after a few months of recovery, it closed down 18 paise to close at 68.79 a dollar. This is the lowest stop rate of rupee so far against the dollar.

Goyal told reporters that no action is required in the shock of the exchange rate of the domestic currency. In response to a question regarding the decline of rupee, the Finance Minister said that keeping in mind the global factors, the advice will be taken after consulting all stakeholders. He also said that the country has adequate foreign exchange reserves.