"Understanding the Basics": Arun Jaitley on the rise of deposits by Indians in Swiss banks | News from India



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Union Finance Minister Arun Jaitley said Friday that it would be wrong to badume that any money deposited in Swiss banks is illegal, adding that those who publicly declare "must understand the facts". who participate in a public discourse must understand these basic facts before expressing an opinion that may be misinformed. Assuming that all deposits are in themselves money avoided or that Switzerland's illegal deposits is what it was decades ago, it's starting on a tenuous presumption ", Jaitley said in a Facebook post.The minister's response came hours after Congressman Rahul Gandhi hit the government and Prime Minister Narendra Modi, accusing them of changing their position on the money. black.

According to official annual data published by the Swiss National Bank (SNB) on Thursday, Indian money in Swiss banks has risen 50% to CHF 1.01 billion (Rs 7,000 crore) in 2017, reversing a downward trend of three years, following the crackdown on black money suspected by India

The CBDT (Central Board of Direct Taxation) has shown that this includes funds held by people of Indian origin who now hold a pbad foreign eport and funds belonging to non-resident Indians. There were also funds owned by resident Indians who made legitimate investments abroad, including the transfer of money under the liberalized payments program, "said Mr. Jaitley [19659004TheEUministeralsopointedoutthatSwissbanksarenolonger"anidealdestinationfortaxevaders"becausethealpinenationhasmadeconsiderableeffortstogetoutofthepicture

the depositor knows that months will pbad before his name is made public and that he will be subject to the harsh criminal provisions of the Black Funds Act in India. "

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