Stupid to presume all ‘Swiss Money’ is black, Arun Jaitley

The news of the increase in the money of Indians in Swiss banks, more than 50 per cent, has been acknowledged by the Government of India. The Opposition is critically attacking the NDA government on this issue. Union Finance Minister Arun Jaitley has clarified this in a detailed post on his Facebook.

  • All money in Swiss Bank is not Black, Arun Jaitley.
  • UPA regime scheme has allowed citizens to deposit higher money in banks out of India, Piyush Goyal.
  • The 50% increment in deposit, major breakthrough for Finance secretary Adhia, Subramanian Swamy.

Arun Jaitley wrote in a Facebook post that Switzerland has made significant efforts to get rid of the tax evaders and avoid the image of non-compliance state. This is on the verge of disclosing in real time, so it is no longer an ideal destination for tax evaders.

Posted by Arun Jaitley on Friday, June 29, 2018

Assuming that all the money collected is tax evasion or in case of illegal money, Switzerland is like a decade ago, it would be an unstable guess. In the Facebook post, the Finance Minister has mentioned about government’s efforts and policies to curb tax evasion, black money etc. during the tenure of the Modi government.

As in Zurich, Swiss National Bank (SNB) have disclosed the funds were deposited, increased to 7,000 crore (Rs 1.01 billion of 50 percent) in 2017 by Indians. Although there was first a decline in wealth of Swiss Indian Bank for 3 years, but in this case of 2017 critics targeting the decision of ‘Notbandi’ to prevent black money. Congress President Rahul Gandhi has attacked on the situation of this former and present government.

BJP leader Subramanian Swamy said tweet that this is a major breakthrough for the finance secretary Adhia. The deposits of the world in Swiss banks has only increased by 3 per cent, bit has increased by 50 per cent for Indians.

Interim Finance Minister Piyush Goyal has said that a deal between India and Switzerland will provide complete information of black money by the end of next financial year.

Piyush Goyal has said, “I  have come to know that the amount sent abroad has increased by 50 per cent, due to the liberalized remittance scheme of the Reserve Bank, which brought in the previous (UPA) Government regime. Under this, a person living in the country can deposit $ 250,000 per year in banks out of india.”

He further said, “This includes the deposit of Indians not living in the country. If there is a disturbance then we will take action. There is a decrease in deposit amount in Swiss bank with various steps against the black money by our government.”