New Delhi: On the backfoot after reports emerged that money parked by Indians in Swiss banks had risen by over 50 per cent, the government indicated on Friday that all the funds that were deposited in Switzerland need not be black money.
Mr Gandhi also pointed out that in 2016 Mr Modi had said that demonetisation would cure India of “black” money.
“(In) 2018, HE says: 50 per cent jump in Swiss Bank deposits by Indians is ‘white’ money. No ‘black’ in Swiss Banks,” Mr Gandhi tweeted.
Union minister Arun Jaitley, in a social media post, said that recently Switzerland had changed its laws on the disclosure of bank deposits and that it was no longer an ideal destination for tax evaders.
He said Switzerland had taken significant efforts to get out of the image of being a tax haven and non-compliant state. “It is on the verge of making disclosures in real time and, therefore, is no longer an ideal destination for tax evaders,” said Mr Jaitley. “Those who participate in a public discourse must understand these basic facts before expressing an opinion which may be ill-informed,” he said.
Mr Jaitley said Switzerland had entered into a treaty even with India and a real-time flow of data would follow. “The flow of information is starting in January 2019. Any illegal depositor knows it is a matter of months before his name becomes public and he will be subjected to the harsh penal provisions of the law,” he said.
