The surge in Indian money held with Swiss banks comes as a surprise given the government's continuing clampdown on suspected black money stashed overseas, including in banks of Switzerland that used to be known for their famed secrecy walls for years.
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. He claimed that the Modi government "writes off lakhs of crores of unpaid loans of crony corporates, businessmen flee India after looting public money under his watch".
Nearly exactly a year ago, in an address to the Institute of Chartered Accountants of India (ICAI) on July 1, 2017, Mr. Modi had highlighted a record 45% drop in deposits by Indians in Swiss banks.
Jaitley said that Swiss banks are no longer an ideal destination for tax evaders because Switzerland has made significant efforts to get out of the image of being a tax haven.
ISLAMABAD: Money kept by Pakistani nationals in Swiss banks fell by over 21 percent to a record low of CHF (Swiss franc) 1.115 billion (Rs7,700 crore) in 2017, even as the same from India rose rose over 50 per cent to CHF 1.01 billion (Rs 7,000 crore) in 2017, reversing a three-year downward trend amid India's clampdown on suspected black money stashed there. "In 2018, he says the 50% jump in Swiss bank deposits by Indians is of white money", he said on Twitter.
"Looking forward to BJP's achhe din when the United States dollar will trade at One dollar = Rs 40!" came another dig from former Finance Minister P Chidambaram.
A Swiss National Bank logo is pictured on the SNB building in Bern.
The Congress released a video clip of the Prime Minister slamming the UPA government in the run-up to the 2014 general elections over the fall in rupee and said the PM has to answer questions he had asked to the UPA government. "If someone is found guilty, the government will take strong action against them", Goyal said.
Since those record levels, this is only the third time when there has been a rise in Indians' money in Swiss banks - in 2011 (12 percent), 2013 (43 percent) and now in 2017 by 50.2 percent - the maximum increase since 56 percent way back in 2004.