No black money in Swiss banks

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Swiss bank

Mrs. Sushma Swaraj, the External Affairs Minister of India and Ignazio Cassis, her Swiss counterpart met in New Delhi on Friday. The Swiss government assured that it will not allow black money from India.

The central bank of Switzerland revealed the deposits from the Indians in Swiss banks has reached 50% in 2017.

Arun Jaitely, the former Finance Minister of India said not all deposits made in Swiss banks are ‘tax-evaded’ money. Jaitely also said that the people who has illegal money in the Swiss banks are going to face severe punishments per the black money law.

black money

Arun Jaitely, in his blog post said, “Switzerland has taken significant efforts to get out of the image of being a tax haven and a non-compliant State. It is on the verge of making disclosures in real time and, therefore, is no longer an ideal destination for tax evaders.”

To this report of Swiss central bank, Rahul Gandhi attacked Prime Minister Narendra Modi. He tweeted by tagging the media report, “2014, HE said: I will bring back all the “BLACK” money in Swiss Banks & put 15 Lakhs in each Indian bank A/C. 2016, HE said: Demonetization will cure India of “BLACK” money. 2018, HE says: 50% jump in Swiss Bank deposits by Indians, is “WHITE” money. No “BLACK” in Swiss Banks!(sic).”

India and Switzerland entered into an agreement with each other for the black money law. Under the agreement with India, he said, Switzerland would start sharing financial information about Indian accounts in January 2019.

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