India, as per reports, would start getting details of bank account from Switzerland under a bilateral treaty.
A recent data released by Swiss National Bank, observed money parked by Indians in Swiss banks has rose over 50 per cent (Swiss franc) to CHF 1.01 billion (Rs.7000 crore) in 2017.
With deposits by Indians in Swiss banks spiking, the Indian finance minister Piyush Goyal on Friday wondered how all of the reported money can be assumed to be black money, but said that strong action would be taken against anyone found guilty of wrong doing.
India would start getting details of bank accounts from Switzerland under a bilateral treaty, the finance minister added.
The data related to Indians, who parked their unaccounted amount in Swiss bank shows a reversing perspective amid India’s clampdown on suspected black money stashed there, a report stated.
In comparison, the total funds held by all foreign clients of Swiss banks rose about 3 percent to CHF 1.46 trillion or about Rs 100 lakh crore in 2017, according to data released by the Swiss National Bank (SNB), the central banking authority of the Alpine nation.
“India has a treaty with Switzerland under which the Swiss government would provide all data from January 1, 2018. India would get data as the accounting year ends”, Goyal said.
Refereeing to the rise in Swiss Bank deposits by Indians, Goyal rather jovially opined, “The data that you alluded to will come to us, so how are you assuming that this is black money or illegal transaction.” Citing media reports he demanded that around 40 per cent of this money is because of the Liberalised Remittance Scheme, which was introduced by former Finance Minister P Chidambaram.