Deposits in Swiss Bank decreased by 80% after Modi government came to power: Piyush Goyal

Union Finance Minister Piyush Goyal on Tuesday said news reports that quote Swiss Bank Data for 2017-18, showing an increase of 50% in its total liabilities towards India in 2016-17, has been misinterpreted.

"AfterNarendraModi government came to power in 2014, the amount deposited in Swiss National Bank has reduced by 80%," said Goyal.

"Bank of International Settlements data shows a decrease of 34.5% in assets held by Indian residents in Switzerland in 2017, as compared to 2016. Earlier data claiming 50% increase misinterpreted", Goyal informed the Rajya Sabha.

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"It is assumed that assets held by Indian residents in Switzerland are undeclared. BIS data shows non-Bank loans and deposits (constituting individual and corporate deposits used as Black money haven in past and exclude interbank transactions) fell by 34.5 per cent in 2017 compared to 2016," Goyal said.

"Bank of International Settlements data shows a decrease of 34.5 per cent in assets held by Indian residents in Switzerland in 2017, as compared to 2016. Earlier data claiming 50 per cent increase misinterpreted," the finance minister said.

While Switzerland has already begun sharing foreign client details on evidence of wrongdoing provided by India and some other countries, it has agreed to further expand its cooperation on India's fight against black money with a new pact for automatic information exchange.

Amid a decline seen in Indian money over the previous three years, there was a view that Indians who had allegedly parked their illicit money in Swiss banks in the past may have shifted the funds to other locations after a global crackdown began on the mighty banking secrecy practices in Switzerland.