Indian money reduced by 80% in Swiss banks under Modi Government

Indian money has come down by 80% in Swiss bank under the present Modi, BJP government, which is contrast to report of media, shows an increase of 50% in the year 2017, reported by a government source.

The source reports that the data that were disclosed in public by Swiss Bank were misinterpreted by other sources. Additional ‘business of Swiss branches located in India’, ‘non-deposit liabilities’, ‘fiduciary liability’ and ‘inter-bank transaction’ were all added by the media.

The source further said that in a letter to Piyush Goyal, the Finance Minister, Andreas Baum, Swiss ambassador says, “it is frequently assumed that any assets held by Indian Residents in Switzerland are undeclared (black money).”

Indian money reduced by 80% in Swiss banks under Modi Government/ US.tnbclive.com

(A copy of Swiss Ambassador Andreas Baum’s letter)

A print of government report that TOI has access, to disclose the share of Indian money in Swiss bank has refused immediately when Narendra Modi, Prime Minister of India took the charge.

Indian money reduced by 80% in Swiss banks under Modi Government/ US.tnbclive.com

Photo Credit: Times of India

by Chandrani Sarkar on July 25, 2018

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