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Indian money in Swiss banks reduced by 80 percent during Modi Govt regime

New Delhi, July 24 (UNI) Contrary to the earlier reports, Indian money in Swiss banks has come down by 80 per cent since 2013 from 2,468 million dollars to 524 million dollars.

As far as deposits in Swiss Banks are concerned, Finance Minister Piyush Goyal also informed the Rajya Sabha on Tuesday that deposits by Indians in Swiss banks had come down by 34.5 per cent last year.

According to the data provided by the Finance Ministry sources, based on a letter provided by Switzerland ambassador, the Indian money in Swiss banks get reduced to 2,234 million dollar in 2014 and it further reduced to 1,447 million dollar in 2015.

As per the data, it was only 800 million dollar in 2016 which further went down to 524 million dollar in 2017.
Recent media reports had quoted that the Indian money in Swiss bank increased by 50 per cent in 2017.
Finance Ministry sources said the data were misinterpreted as it includes non-deposit liabilities Business of Swiss branches located in India Inter bank transactions Fiduciary liability.

Savio Rodrigues

Savio Rodrigues Founder & Editor-in-Chief GoaChronicle.com

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