Under the UPA Government, black money was rampant with more than $ 2.6 billion being stored in Swiss Banks. But through transformative reforms under PM Narendra Modi, black money in Swiss Banks is seen at an all-time low trend.
According to Top Government Officials, The amount of deposits by Indian individuals and corporates in Swiss banks had declined by 80% during the tenure of the National Democratic Alliance (NDA).
Indian money in Swiss Banks has seen a commendable decreasing trend by 80% under the PM Modi Government!! This news data has bashed out those accusations of media reports accusing the NDA of increasing it by 50% in the year 2017.
Fight against Black Money: Difference between 4 years of Modi government and 60 years of Congress.
— BJP (@BJP4India) July 24, 2018
The Swiss government had clarified that the correct measure to look at deposits held by Indians was the locational banking statistics collected by the Bank of International Settlements, the government said, adding that these statistics showed non-bank loans and deposits held by Indians in Swiss Banks had declined to $524 million in 2017 from $800 million in 2016 and $2.6 billion in 2013.
Bringing back black money was one of the major election promises of the NDA and data backing the success of its initiatives will help in its electoral prospects ahead of the general elections due in 2019.
It is also revealed in a letter to Finance Minister Piyush Goyal, Swiss ambassador Andreas Baum said:”It is frequently assumed that any assets held by Indian residents in Switzerland are undeclared (black money)”.
The government said, “the data provided by the Swiss National Bank includes non-deposit liabilities, business of Swiss branches located in India, inter-bank transactions and fiduciary liability and hence it may not be a correct measure”.
As per reports by the Government, “It had instead suggested using the locational banking statistics”. Locational banking statistics measure international banking activity by residence and captures around 95% of all cross-border banking activity.
Through an information exchange agreement signed last December, India and Switzerland had started collecting data from the 1st of January 2018 and would start exchanging it from September 2019, added the Government sources. A copy of Government report shows how the share of Indian money in Swiss banks has declined since PM Narendra Modi took charge in 2014.
Black money deposit in Swiss banks fell by 34.5% in last 1 year and 80% in the last 4 years!
— Amit Malviya (@amitmalviya) July 24, 2018
BJP under PM Narendra Modi’s governance must come back to power in 2019 due to its strong leadership quality to transform India. The “ill” power and weakness of the Opposition must come to an end and Indians must be provided with an opportunity to be free from Corruption Governance.