A day after a report claimed that 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 on Friday said how all of it can be assumed to be black money, adding that strong action would be taken against anyone found guilty of wrongdoing.
“India would start getting details of bank accounts from Switzerland under a bilateral treaty,” he said.
Referring to the rise in Swiss bank deposits by Indians, Goyal said, “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?”
India has a treaty with Switzerland under which the Swiss government would provide all data from January 1, 2018 till December 31, 2018. India would get data as the accounting year ends, Goyal 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.
“We will have all information. If someone is found guilty, the government will take strong action against them,” Goyal said.
Earlier on Friday, Congress attacked the ruling government over the Swiss bank report. The Congress posted on its official Twitter handle: “One of PM Modi’s long-standing campaign promises of bringing back black money falls flat. While you sit and wait for your promised Rs 15 Lakh, more capital has flown the coop.”
(With agency inputs)