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Here’s what Piyush Goyal has to say on Swiss deposits

By Team Pardaphash 
Updated Date

Interim Finance Minister Piyush Goyal today went on to say that the data of money deposited by Indians in Swiss banks will be available to the government under an agreement signed with Switzerland for automatic exchange of information.

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The agreement for automatic exchange of information was signed between Switzerland and India last November under which both countries would start collecting data in accordance with the global standards in 2018 and exchange it from 2019, Goyal told reporters here on the sidelines of an Institute of Cost Accountants of India event.

While answering to media questions on latest data released by the Swiss National Bank showing a rise in Indian deposits last year Goyal stated: “Under an agreement signed by the Modi government with Switzerland, all this data from the period January 1, 2018, will be made available to us.”

“From what I understand (from media reports) 40 per cent increase in foreign remittances are on account of the Reserve Bank’s Liberalised Remittance Scheme brought during the previous (UPA) government under which a resident Indian can remit $250,000 per year,” he said.

“Then there are also non-resident deposits in this. Rest assured, if there is any wrongdoing revealed, we will take action. With the various measures of this government against black money, Swiss bank deposits have been decreasing,” he added.

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