Piyush Goyal in RS on Swiss Bank’s annual statistics report: 5 Key points

New Delhi: On the ongoing monsoon parliament session Finance Minister Piyush Goyal pitched high on News reports quoting Swiss Bank’s annual statistics.

Here are Key Points of his address -

1.'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,' said Finance Minister Piyush Goyal.

2.It's assumed that assets held by Indian Residents in Switzerland are undeclared.BIS data shows non-Bank loan and deposits(constituting individual and corporate deposits used as Black money haven in past and exclude interbank transactions)fell by 34.5% in '17 compared to '16: P Goyal in RS claimed

3.News reports quoting Swiss Bank’s annual statistics showed increase of 50% in its total liabilities towards India in '16-'17. Data is misinterpreted, it includes Non-deposit liabilities,Business of Swiss branches in India,Inter bank transactions,Fiduciary liability: P Goyal further said.

4. According to data released by Swiss National Bank, loans and deposits of individual Indians in the bank decreased by 34.5% in the last year compared to the previous year.

5. After Modi-led NDA government came to power in 2014, the amount deposited in Swiss National Bank has abridged by 80% between 2014 and 2017.

 Finance Minister Piyush Goyal in Rajya Sabha provided the details of the Swiss Bank’s annual statistics report.

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