New Delhi, July 24: Interim Finance Minister Piyush Goyal on Tuesday said that the deposits by Indians in Swiss banks in 2017 have decreased by 34.5 per cent as compared to 2016. He added that the deposits came down by 80 per cent under the Modi government since 2014. Also Read - CAIT Announces Nationwide Movement Against New Amendments in GST and E-Commerce

Addressing the Upper House, Goyal refuted reports quoting Swiss Banks’ annual statistics showing an increase of 50 per cent in deposits by Indians in 2016-17, saying that the data is misinterpreted and includes non-deposit liabilities, business of Swiss branches, inter-bank transactions and fiduciary liability. Also Read - IT Department Detects Rs 220 Crore in Black Money After Raids on Chennai-Based Tiles Company

“According to data released by Swiss National Bank, loans and deposits of individual Indians in the bank decreased by 34.5% in the last year compared to the previous year,” said Goyal, in response to Opposition’s questions on black money stashed in Swiss banks. Also Read - Chenab Bridge Pics: World's Highest Rail Bridge in Jammu & Kashmir is Ready And It's Stunning

“News reports quoting Swiss Bank’s annual statistics showed increase of 50% in its total liabilities towards India in 2016-17. Data is misinterpreted, it includes non-deposit liabilities, business of Swiss branches in India, inter-bank transactions and fiduciary liability,” he added.

Before the adjournment of the Session, Goyal said that the amount deposited in Swiss National Bank by Indians has reduced by 80 per cent ever since Modi government came to power at Centre in 2014.

In June, PTI reported that money parked by Indians in Swiss banks surged by 50 per cent to Rs 7,000 crore in the calendar year, reversing a three-year downtrend.

Refuting the report, Goyal had earlier said that all money deposited by Indians cannot be termed black money and had assured action against wrongdoers.

Union Minister Arun Jaitley had also said that deposits made by Indians cannot be termed illegal. “Past investigation by CBDT have shown that this includes many held by persons of Indian origin who now hold foreign passport, monies belonging to Non-Resident Indians, as also monies belonging to resident Indians who have made legitimate investments abroad, including transfer of money under the liberalised remittance schemes,” he had written in his Facebook post.