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Black Money Data Will Be Available By Next Year, Says Piyush Goyal After Swiss Bank Report

JAVED SAIFI | 0
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| June 29 , 2018 , 18:05 IST

Union Minister Piyush Goyal on Friday said that the government will provide black money data by next year. His remarks on black money came after the Swiss National Bank reported a surge of Indian Money deposits by 50 percent to Rs. 7,000 crore in 2017.

In a media briefing, Piyush Goyal said, “To find out the black money we have formed an agreement with Switzerland under a bilateral treaty. We will provide all the data starting from January 1, 2018, to end of financial year. So why to assume that Indian money with Swiss national Bank is of illegal transactions.”

The surge in Indian money with Swiss Bank comes despite the government taking numerous initiatives to curb off the black money, but as per the data released by Swiss National Bank, Indian’s deposits rose by 50 percent to Swiss francs 1.01 billion (Rs 7,000 crores) in last three preceding years in Swiss National Bank in 2017. These funds were stood at Swiss francs 676 million (Rs. 4500 crore) at the end of 2016.

Also Read: In 3 Years, 50 Percent Rise In Swiss Bank Deposits By Indians

The data also showed, Indian deposits of about Swiss francs 464 million (Rs. 3200 crores) with Swiss Bank is in the form of customer deposits, Swiss francs 152 million (Rs. 1050 crore) deposited through banks and Swiss francs 383 million (Rs. 2640 crore) deposited in the form of other liabilities at the end of 2017.