New Delhi, June 29: The government will get all the data on black money from Switzerland by the end of fiscal 2019, said Union Minister Piyush Goyal on Friday, a day after Swiss National Bank’s annual data revealed that money parked by Indians in Swiss banks rose over 50 per cent to around Rs 7,000 crore. Also Read - First 'Oxygen Express' Train Leaves For Maharashtra Amid Rising Cases, Piyush Goyal Shares Video
Goyal, however, wondered how all of it can be assumed to be black money, but said strong action would be taken against anyone found guilty of wrongdoing. Also Read - Railways to Run Oxygen Express Trains Via Green Corridors to Meet Demand Amid COVID Cases Surge
“Agreement between India and Switzerland has this. From January 1, 2018 till end of accounting year, all data will be made available. So why assume this is black money or illegal transactions?,” the Union minister told reporters. Also Read - Lucknow-New Delhi Tejas Express Train Operations To Remain Suspended From Friday Till Further Advice
The report showed that money deposited by Indians in Swiss banks rose over 50 per cent to CHF (Swiss franc) 1.01 billion (Rs 7,000 crore) in 2017, a reverse of the three-year downward trend.
In comparison, the total funds held by all foreign clients of Swiss banks rose about 3 per cent to CHF 1.46 trillion or about Rs 100 lakh crore in 2017, revealed the data.
The surge in Indian money held with Swiss banks comes as a surprise given India’s continuing clampdown on suspected black money stashed abroad, including in banks of Switzerland that used to be known for their famed secrecy walls for years.
The Indian money in Swiss banks had fallen by 45 per cent in 2016, marking their biggest ever yearly plunge, to CHF 676 million (about Rs 4,500 crore) — the lowest ever since the European nation began making the data public in 1987.
According to the SNB data, the total funds held by Indians directly with Swiss banks rose to 999 million Swiss franc (Rs 6,891 crore) in 2017, while the same held through fiduciaries or wealth managers increased to CHF 16.2 million (Rs 112 crore). These figures stood at CHF 664.8 million and CHF 11 million, respectively, at the end of 2016.
As per the latest data, the Indian money in Swiss banks included CHF 464 million (Rs 3,200 crore) in the form of customer deposits, CHF 152 million (Rs 1,050 crore) through other banks and CHF 383 million (Rs 2,640 crore) as ‘other liabilities’ such as securities at the end of 2017.