Swiss bank claims, 80 percent black money reduced after Modi government came into power

The Swiss bank has cleared the increase in deposits of Indians in Swiss banks by more than 50 per cent. They said that all the money deposited in these banks is not black money. According to the data released by Swiss bank BIS, black money has come down by 34.5 percent in 2017. They said that black money in the NDA regime has reduced 80 percent.

Swiss bank BIS said, "Non-bank loans and deposits (in the past these transactions have been counted as black money, in which it does not include inter-banking transactions)." According to the figure of the non-bank loan in 2016, which was $ 800 million. It has come down to $ 52.4 million in 2017.

The bank said that in the state of NDA, there was considerable reduction in Swiss non-bank loans and deposits. It decreased 80 percent between 2013 and 2017. This cleaning of the Swiss bank came after the media reports, which said that the deposit amount of Indians in the Swiss bank increased 50 percent.

BIS said that this data is usually presented incorrectly. Because it also includes many more transactions. According to the bank, the deposit amount includes non-deposit liabilities, the business of the branches of Swiss banks located in India. There is also a transaction done at the level of banks. Apart from this, the deposit amount includes trustworthy liability.

The bank has also mentioned the letter written by Finance Minister Piyush Goyal on behalf of Swiss Ambassador Andreas Baum. The bank said that in the letter it has been said that most of the time it is understood that the money Indians have in Swiss bank is black money. It has also been mentioned in the letter that the data collected by Swiss bankers on behalf of the Bank of International Settlements (BIS).

Finance Minister Piyush Goyal also mentioned these figures of Swiss banks in the Rajya Sabha. He said that Indians' money deposited in Swiss banks is deposited from different parts of the world. There is no black money in it.

Also Read:

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