Wasn’t it PM’s promise to carry again black cash: Rahul on leap in Indians’ funds in Swiss banks

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The Opposition on Friday attacked Prime Minister Narendra Modi over funds parked by Indian people and corporations in Swiss banks leaping to a 14-year excessive in 2021, with Congress chief Rahul Gandhi asking wasn’t it the PM’s promise to carry again each rupee of black cash stashed overseas.

Funds parked by Indian people and corporations in Swiss banks, together with by way of India-based branches and different monetary establishments, jumped to a 14-year excessive of three.83 billion Swiss francs (over Rs 30,500 crore) in 2021 on a pointy surge in holdings through securities and comparable devices whereas buyer deposits rose as properly, annual information from Switzerland’s central financial institution confirmed on Thursday.

Tagging a screenshot of a media report on the annual information of Switzerland’s central financial institution, Gandhi stated in a Facebook publish, “Wasn’t it the Prime Minister’s promise to bring back every Rupee of black money stashed abroad?” Senior Congress chief and Leader of Opposition in Rajya Sabha Mallikarjun Kharge additionally attacked the federal government over the difficulty, saying the deposits of Indians in Swiss Banks have greater than doubled since 2014.

“Modi Ji’s suit-boot friends are now hiding more wealth in foreign accounts than ever before,” he stated on Twitter.

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On its official Twitter deal with, the CPI(M) stated Prime Minister Modi promised to carry again all of the black cash stashed in overseas banks inside 100 days of coming to energy in 2014 after which once more inside 50 days of demonetisation in 2016.

“Now after 8 years of Modi rule, Indian funds in Swiss banks at 14 year highs at (Rs) 30600 crs,” it stated.

TMC’s Rajya Sabha MP Jawahar Sircar stated on Twitter, “Didn’t Modi repeatedly swear to bring back all Black Money stashed abroad?” The Aam Aadmi Party additionally took a dig on the Centre over the rise in funds parked by Indian people and corporations in Swiss banks, saying “Modi hai toh mumkin hai.” Hitting again at these criticising the federal government, BJP spokesperson Shehzad Poonawala tweeted, “Myth vs Facts, Every year this data comes out and every year there are those who need their concepts/myths cleared. All money in Swiss bank accounts is not black money. A lot of it is parked there for legitimate business reasons.” The rise in mixture funds of Indian purchasers with Swiss banks, from 2.55 billion Swiss francs (Rs 20,700 crore) on the finish of 2020, marks the second consecutive 12 months of improve.

Besides, the cash held in Indian clients’ financial savings or deposit accounts rose to a seven-year excessive of about Rs 4,800 crore, reversing a two-year declining pattern.

These are official figures reported by banks to the SNB and don’t point out the quantum of the much-debated alleged black cash held by Indians in Switzerland. These figures additionally don’t embrace the cash that Indians, NRIs or others might need in Swiss banks within the identify of third-country entities.



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