Indian deposits in Swiss Bank reduced by 80% between 2014-2017: Piyush Goyal

The opposition members loudly objected to Goyal's remarks. Chairman M. Venkaiah Naidu then adjourned the House till 2 p.m. amid ruckus.

Picture: @PiyushGoyal Twitter account.

New Delhi: Interim Finance Minister Piyush Goyal on Tuesday said the Bank of International settlements data has shown a decrease of 34.5% in assets held by Indian residents in Switzerland in 2017, as compared to 2016. During the Question Hour Session in Rajya Sabha, he said the earlier data claiming 50% increase was misinterpreted. Also, he informed the House that after Modi government came to power in 2014, the amount deposited in Swiss National Bank has been reduced by 80% between 2014 and 2017. According to news agency IANS, Trinamool member Sukhendu Shekhar Roy demanded to know as to how much black money had been recovered under various agreements with Switzerland, and when would every Indian get Rs 15 lakh each in their bank accounts. To this, Goyal said that the MP seemed to have information that even the government did not. The opposition members loudly objected to Goyal's remarks. Chairman M. Venkaiah Naidu then adjourned the House till 2 p.m. amid ruckus. The Opposition has not been accepting that the Centre has made enough progress in curbing the use of black money. It has alleged that certain industrialists with the connivance and protection of the Modi government have fled the country with all hoards of black money and unaccounted wealth. Swtizerland no longer safe haven? Switzerland was perceived to be among the safest havens globally for financial assets for many years before a global crackdown on alleged tax evasion by using such strong banking privacy practices as prevalent in Swiss banks led to Switzerland agreeing to tighten its rules. It is the third year since Swiss banks made public a list of accounts lying dormant without any trace of owners and no claimant has come forward for those with Indian links, even as a political slugfest continues in India over alleged black money parked there. The list contains a large number of people from Switzerland itself, as also from Germany, France, the UK, the US, Turkey, Austria and various other countries. If no legitimate party claims the assets that have been published within one year of publication, the banks can transfer the assets in question to the government. (With inputs from Agencies)