Congress mocks PM over Rupee fall, Swiss deposits

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Indian money in Swiss banks rise 50% to over ₹7000 crore, reversing 3-year downward trend

The surge in Indian money held with Swiss banks comes as a surprise given India's continuing clampdown on suspected black money stashed overseas, including in banks of Switzerland that used to be known for their famed secrecy walls for years.

Despite the decline, the money held by Pakistani nationals and entities remains above that of Indians, which rose by over 50 percent to CHF 1,015 million (about Rs 7,000 crore) in 2017 after three consecutive years of decline.

Referring to the report that Indians' money in Swiss banks has risen by 50 per cent in the last one year, Banerjee said that it has happened when the native banks were running on losses.

In comparison, the total funds held by all foreign clients of Swiss banks rose about 3% to CHF 1.46 trillion or about Rs 100 lakh crore in 2017, according to the official annual data released today by Swiss National Bank (SNB), the central banking authority of the Alpine nation.

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Moreover, Rs 7000 crore is a fraction of the Rs 44,500 crore parked by Indians in Swiss banks in 2006 - it is the second lowest figure for Indian deposits in Swiss banks in the last 12 years.

The Pakistani money in Swiss banks had fallen by 6 percent to CHF 1.4 billion (about Rs9,500 crore) in 2016.

CPI (M) General Secretary Sitaram Yechury said the increase in Indian deposits in Swiss banks is not a surprise as businessmen are fleeing India after looting public money under Prime Minister Modi's watch.

India would start getting details of bank accounts from Switzerland under a bilateral treaty, he said. This reverses a three-year downward trend amid the Centre's clampdown on black money deposited overseas. These figures also do not indicate about the quantum of alleged black money, which has been a matter of a major political debate in various countries, including Pakistan and India.

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"Looking forward to BJP's achhe din when the USA dollar will trade at One dollar = Rs 40!" came another dig from former Finance Minister P Chidambaram.

The Congress released a video clip of the Prime Minister slamming the UPA government in the run-up to the 2014 general elections over the fall in rupee and said the PM has to answer questions he had asked to the UPA government. India would get data as the accounting year ends, Goyal said.

Earlier, Gandhi said that Modi says a 50-per cent jump in deposits by Indians is of "white money" and that there is no "black money". "While you sit and wait for your promised Rs 15 lakh, more capital has flown the coop".

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