Rahul targets Modi on black money


"If Swiss money is white, Where Is black money", he asked.

On Thursday, the report by Swiss National Bank showed that money deposited by Indians in Swiss banks rose over 50 per cent to CHF (Swiss franc) 1.01 billion (Rs 7,000 crore) in 2017, a reverse of the three-year downward trend.

Because of steps taken by the government, the total income tax collection for the year 2017-18 is Rs 10.02 lakh crore, a four year increase of 57 per cent, he said.

The total funds held by Indians with Swiss banks stood at a record high of CHF 6.5 billion (Rs 23,000 crore) at 2006-end, but came down to almost one-tenth of that level in about a decade.

India has a treaty with Switzerland under which the Swiss government would provide all data from January 1, 2018 till December 31, 2018.

As per the Swiss banks' statement, funds under all three categories have increased in comparison to huge loses across all heads in the previous years.

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Opposite to BJP party's claims of bringing black money back to India from Swiss Banks the suspected black money has only surged up by 50 percent after demonetization and NDA coming to power. However, it rose by 6 percent and 16 percent during 2014 and 2015, respectively.

While Switzerland has already begun sharing foreign client details on evidence of wrongdoing provided by India and some other countries, it has agreed to further expand its cooperation on India's fight against black money with a new pact for automatic information exchange. On Friday, he had echoed the government's argument on the Swiss Bank data after Finance Minister Piyush Goyal had spoken. "This has led to misinformed reaction in certain circles raising a query whether the government's anti-black money steps have yielded results", Jaitley said in a blog.

Interestingly, the funds, described by SNB as "liabilities" of Swiss banks or "amounts due to" their clients, are the official figures disclosed by the Swiss authorities and do not indicate to the quantum of the much-debated alleged black money held by Indians there. In 2016, he said: Demonetisation will cure India of "BLACK" money. "With the various measures of this government against black money, Swiss bank deposits have been decreasing", he added.

According to Jaitley, past investigations by the tax department have shown that this includes funds held by persons of Indian origin who now hold foreign passport and monies belonging to Non-Resident Indians.

The total assets of Swiss banks in India, however, fell by about 18 per cent in 2017 to CHF 3.2 billion. "Indians' deposits however grew 50 per cent".