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Acting Finance Minister Piyush Goyal said Friday that strict measures will be taken against hoarders of black money. Reacting to the report of data published by the Swiss National Bank showing that Indian deposits rose 50% to more than Rs 7,000 crore, Goyal said: "India will have access to Swiss accounts data from # 39; here the end of the exercise 19. Will take all necessary punitive measures if black money is detected in the Swiss accounts of Indians. "
Piyush Goyal also informed that India and Switzerland have reached an agreement and from 1 January 2018 until the end of the fiscal year the transactions will be available.
Agreement between India and Switzerland has this From January 1, 2018 until the end of the accounting year, all data will be available.So why badume that this is the 39, black money or illegal transactions ?: Piyush Goyal on reports that money parked by Indians in Swiss banks rose by 50% in 2017 pic.twitter.com/Gui44RaCBe
– ANI (@ANI) 29Jun2018
A report from PTI indicated that Indian money in Swiss banks had increased by 50 percent to CHF 1.01 billion (Rs 7,000 crore) in 2017, reversing a trend towards three-year decrease In comparison, total funds held by all foreign customers of Swiss banks increased by it's 3 percent to CHF 1.46 trillion or about Rs 100 lakh crore in 2017, according to the official annual data released today. The Swiss National Bank (SNB), the central banking authority of the Alpine nation
The influx of Indian funds held by Swiss banks surprises given the continuing repression of black money suspected by India, including in Swiss banks. used to be known for their
Indian money in Swiss banks had dropped 45% in 2016, marking its biggest annual fall, reaching CHF 676 million (about Rs 4,500 crores) – the lowest since the According to SNB data, the total funds held by Indians directly from Swiss banks amounted to 999 million Swiss francs (Rs 6.891 crore) in 2017, as did the trustees or heritage. increased to CHF 16.2 million (Rs 112 crore). These figures amounted respectively to CHF 664.8 million and CHF 11 million at the end of 2016.
According to the latest data, Indian money in Swiss banks included CHF 464 million (Rs 3,200 crores) in the form of customer deposits, CHF 152 million (Rs 1,050 crore) through the intermediary of other banks and CHF 383 million (Rs 2,640 crore) as "other liabilities" such as securities at the end of 2017.
Funds under the three headings increased sharply, against According to SNB statistics, funds held through the trustees were in billions until 2007, but began to fall after fears of regulatory repression
. At the end of 2006, Indians with Swiss banks were at a record level of 6.5 billion francs (Rs 23,000 crores), but fell to nearly a tenth of this level in a dozen or so years. Years
. only the third time when there was an increase in Indian money in Swi ss banks – in 2011 (12 percent), in 2013 (43 percent) and now in 2017 by 50.2 percent – the maximum increase since 56 percent in 2004.
The latest data from Zurich SNB comes several months after a new framework has been set up for the automatic exchange of information between Switzerland and India to help control the threat of black money.
In other countries, he agreed to strengthen his cooperation on India 's fight against black money with a new automatic information exchange pact.
Several discussions took place between Indian and Swiss officials on the new framework and to speed up the process. outstanding requests for information regarding alleged illicit accounts of Indians in Swiss banks.
The funds, described by the SNB as "liabilities" of Swiss banks or "amounts due to" their clients, are the official funds. The official figures of the SNB do not include either the money that Indians, NRIs or other people could have in Swiss banks abroad. In the midst of a decline in Indian money over the last three years, some felt that Indians who had allegedly parked their illicit money in Swiss banks in the past may have transferred the funds to D & B. Other countries. Swiss banks have already said that Indians have "few deposits" in Swiss banks compared to other global financial centers like Singapore and Hong Kong, against a backdrop of intensifying verification efforts. the threat of black money.
On the instructions of the Supreme Court, India had formed a Special Investigation Team (SIT) to investigate cases of alleged black money from Indians, including men and women. funds A number of strategies have been deployed by the government to combat the threat of hidden funds, both inside and outside the country, which included the adoption of 39, a new law and amendments to the law on money laundering. The Ministry of Taxes had detected suspected black funds running in thousands of rupee crores after investigations of global leaks of Indians who have hidden funds abroad and launched lawsuits against hundreds of dollars. Among them, including those with accounts in the Geneva branch of HSBC.
The issue of black money has always been a topic of great debate in India and Switzerland has long been viewed as one of the safest shelters for these funds.
The money held by Indians in Swiss banks had fallen by nearly one-third to CHF 1,217.6 million (more than 8,000 billion rupees). Previously, these funds had dropped 10 percent to CHF 1.8 billion in 2014, after a 43 percent increase in 2013 to CHF 2.03 billion.
The total badets of Swiss banks in India, however, decreased from around 18 in 2017 to 3.2 billion francs for the second consecutive year of decline. This does not include tangible badets such as real estate and properties.
The amount owed by Indian customers to Swiss banks dropped by 48% in 2017 to CHF 210 million.
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