Swiss bank money of Indians shows 50% increase

The latest data released by the Swiss National Bank reveals that the amount of money deposited by Indians in the Swiss banks in the past one year has increased by 50 percent to Rs 7,000 crore in 2017.

It must be remembered here that one of the key promises of 2014 elections which gave Modi and BJP its thumping victory was the promise of bringing the money of a few rich Indians in Swiss banks back to the country. After 4 years, not only has the government failed on this count but the money deposited in Swiss banks has actually increased by a whopping 50% last year, that is post-demonetisation.

Demonetisation a total failure?

The Indian money in Swiss banks had fallen by 45 per cent in 2016 to 676 million Swiss franc or Rs 4,500 crore. Surprisingly the amount rose over 50 per cent to 1.01 billion Swiss franc (Rs 7,000 crore) in 2017.

While the Opposition was questioning this trend and failure on the side of government, the Finance Minister and Piyush Goyal were caught explaining that all the money in Swiss banks need not be tax evaded money or black money!

The Swiss shock was a slap in the tall claims of the ruling government and Sitaram Yechury tweeted that, “Modi government writes off lakhs of crores of unpaid loans of crony corporate and businessmen flee India after looting public money under his watch”.