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Deposits in Swiss Bank reduced by 80 per cent between 2014-17: Goyal

By Chennabasaveshwar
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    New Delhi, July 24: Finance Minister Piyush Goyal said after Modi govt came to power in 2014, the amount deposited in Swiss National Bank has reduced by 80 per cent between 2014 and 2017.

    Finance Minister Piyush Goyal speaks in the Rajya Sabha during the Monsoon session of Parliament, in New Delhi on Tuesday, July 24, 2018. PTI file photo

    Piyush Goyal in Rajya Sabha said, "According to data released by Swiss National Bank, loans and deposits of individual Indians in the bank decreased by 34.5 per cent in the last year compared to the previous year."

    Goyal stated that data showing increase of 50% in total liabilities towards India in '16-'17 are misinterpreted by news reports.

    "News reports quoting Swiss Bank's annual statistics showed increase of 50% in its total liabilities towards India in '16-'17. Data is misinterpreted, it includes Non-deposit liabilities, Business of Swiss branches in India, Inter-bank transactions, Fiduciary liability," he said.

    "It's assumed that assets held by Indian Residents in Switzerland are undeclared. BIS data shows non-Bank loans and deposits (constituting individual and corporate deposits used as Black money haven in past and exclude interbank transactions) fell by 34.5 per cent in '17 compared to '16," he added.

    Speaking to reporters outside parliament, Goyal said, "Congress President had been levelling baseless allegations, that money of Indians in Swiss banks have increased by 50%, without understanding the seriousness of the matter. He's habituated to speak without knowing truth. We saw how he was exposed by the French government."

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