Strong action will be taken against illicit Swiss deposits: Finance Minister

RSTV Bureau
Piyush Goyal addresses press , PTI

Piyush Goyal addresses press , PTI

A day after it came to light that the money parked by Indians in Swiss banks rose over 50 per cent to CHF 1.01 billion (Rs 7,000 crore) in 2017, Finance Minister Piyush Goyal has assured that strong action would be taken against anyone found guilty of any wrongdoing. But he also clarified that it was wrong to assume that all of it is black money.

“We will have all information. If someone is found guilty, the government will take strong action against them,” Goyal said.

The Finance Minister said that the Swiss government will provide all data from January 1, 2018 till December 31, 2018. This is in accordance with the treaty signed between India and the Swiss government.

The data will come as the accounting year ends, Goyal clarified.

“The data that you alluded to will come to us, so how are you assuming that this is black money or this is illegal transaction?” he said.

Around 40 per cent of this money is because of the Liberalised Remittance Scheme (LRS), Goyal said, citing media reports.

The scheme was introduced by former Finance Minister P Chidambaram. Under the LRS, an individual could remit up to USD 2,50,000 per year.

On Thursday Swiss National Bank released data that revealed that the money parked by Indians in Swiss banks rose by over 50 per cent.

In comparison, the total funds held by all foreign clients of Swiss banks rose about 3 per cent to CHF 1.46 trillion or about Rs 100 lakh crore in 2017.

(With inputs from PTI)