Black money in Swiss banks down 80 per cent under us: Government

Referring to Swiss National Bank (SNB) data last month which showed that after falling for three years in succession, money parked by Indians in Swiss banks rose 50 per cent to Swiss francs 1.02 billion in 2017 over the previous year, a Finance Ministry release here said that a more reliable source of Indian black money stashed in Swiss banks is available from the data which the SNB collects jointly with the Bank for International Settlements. 

“More often than not, the media reports have not taken account of the way the (SNB) figures have to be interpreted, which has resulted in misleading headlines and analyses. Moreover, it is frequently assumed that any assets held by Indian residents in Switzerland are undeclared (socalled ‘Black Money’),” it said. 

“However, the cited figures that show an increase of 50 per cent in Swiss banks’ total liabilities towards India also include non-deposit liabilities as well as business of Swiss branches located in India. To analyse Indian residents’ deposits held in Switzerland, another data source should be used. Speaking to reporters outside Parliament earlier on Tuesday, acting Finance Minister Piyush Goyal refuted the allegations made by Congress President Rahul Gandhi and other opposition members in this regard. 

“The Swiss government has informed us that the news being spread by Rahul Gandhi is baseless and that the figures quoted by some political leaders are completely irrelevant to this issue,”  he said.