Not all money deposited in Swiss Banks illegal says Arun Jaitley
Union minister Arun Jaitley, who is taking time off from office since due to his medical treatment, has criticized the opposition for making an issue of 50 percent increase in the wealth of Indians in Swiss banks as per some reports. In this regard, the Union Minister wrote a post on his Facebook page on Friday, in which he told that most of the money deposited in Swiss banks is of those Indians who are now living abroad and this whole money can not be considered black money. .
Jaitley said that the Swiss bank was not ready to share information on the amount deposited here, but it is possible after global pressure. Now they have agreed to give details to countries seeking information.
He said that the government will soon start receiving the information. Those who deposit money in Swiss banks illegally will have to face action now. The Swiss bank is ready to disclose on the right time and therefore it is not a safe place for tax evaders.
It is notable that in this regard, Executive Finance Minister Piyush Goyal has also cleared the issue after the opposition has surrounded the government on the issue. Goyal has said that all the money deposited there is not black money but at the same time he assured that if any person is found guilty in this case, strict action will be taken against him.
He said that according to a bilateral treaty in India and Switzerland, Switzerland will provide data from Indian’s having bank account with them account from January 1, 2018 to December 31, 2018. How can it be said before getting the data that the amount deposited in the banks there is black money or illegal transactions.
Goyal said that during the tenure of former Finance Minister P. Chidambaram, Liberalized Remittance Scheme (LRS) was implemented, under which a person was allowed to send out 2.5 million dollars every year. The increase in deposits of Indians in Swiss banks is due to LRS of 40%.
According to the figures released on Thursday, in 2017, the amount deposited by Indians in Swiss banks increased by 50 per cent to Rs 7,000 crore, compared to the previous three years.
