Arun Jaitley says Indians with illegal Swiss bank deposits will face harsh penal proceedings under black money law
6 years, 6 months ago

Arun Jaitley says Indians with illegal Swiss bank deposits will face harsh penal proceedings under black money law

Firstpost  

Noting that Switzerland in financial disclosures was always a reluctant state, Jaitley said the Alpine nation has amended its domestic laws involving all disclosure New Delhi: Union Minister Arun Jaitley on Friday warned that Indians having illegal deposits in Swiss banks would face harsh penal proceedings under the black money law after Switzerland starts real-time sharing of details of accounts from January onwards. Latest data from the Swiss National Bank showed that money parked by Indians in Swiss banks rose over 50 percent to CHF 1.01 billion in 2017, reversing a three-year downward trend amid India’s clampdown on suspected black money stashed by its citizens overseas. Any illegal depositor knows that it is a matter of months before his name becomes public and he will be subjected to the harsh penal provisions of the black money law in India,” said the senior BJP leader and an eminent lawyer. Prime Minister Narendra Modi-led NDA government has a multi-pronged strategy to increase the tax base, Jaitley said, adding that a campaign involving various steps to flush out black-money was initiated.

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History of this topic

From the India Today archives (2016) | Demonetisation: When the entire nation queued up
1 year, 7 months ago

From the India Today archives (2016) | Demonetisation: When the entire nation queued up

India Today  

The usually bustling vegetable and fruit market under the Maharashtra Agriculture Produce Market Committee at Vashi in Navi Mumbai wears a desolate look on Saturday, November 19. Various agencies have estimated black money at roughly 20 per cent of India’s GDP, at over Rs 30 lakh crore. But the move, unprecedented as it was, has also badly hit several sectors …

‘Almost nothing…': Swiss ambassador says black money isn't an issue anymore
2 years ago

‘Almost nothing…': Swiss ambassador says black money isn't an issue anymore

Hindustan Times  

Swiss ambassador to India Ralf Heckner on Monday said that he “almost heard nothing” on matters related to black money in his last two years of tenure and that the issue was dealt between India and Switzerland through bilateral treaties in 2018. Swiss ambassador to India Ralf Heckner said he "almost heard nothing" on matters related to black money. He …

From the India Today archives (2016) | The pangs of demonetisation
2 years ago

From the India Today archives (2016) | The pangs of demonetisation

India Today  

The usually bustling vegetable and fruit market under the Maharashtra Agriculture Produce Market Committee at Vashi in Navi Mumbai wears a desolate look on Saturday, November 19. Various agencies have estimated black money at roughly 20 per cent of India's GDP, at over Rs 30 lakh crore. But the move, unprecedented as it was, has also badly hit several sectors …

From the India Today archives (2016) | Demonetisation 2016: Was it pain or gain?
2 years, 2 months ago

From the India Today archives (2016) | Demonetisation 2016: Was it pain or gain?

India Today  

The usually bustling vegetable and fruit market under the Maharashtra Agriculture Produce Market Committee at Vashi in Navi Mumbai wears a desolate look on Saturday, November 19. Various agencies have estimated black money at roughly 20 per cent of India's GDP, at over Rs 30 lakh crore. But the move, unprecedented as it was, has also badly hit several sectors …

No estimate of money deposited by Indian citizens, firms in Swiss banks: FM
2 years, 5 months ago

No estimate of money deposited by Indian citizens, firms in Swiss banks: FM

Live Mint  

Finance Minister Nirmala Sitharaman in a written reply to Lok Sabha on Monday said the government raised a tax demand of ₹14,820 crore as of May 2022, after completing an assessment of 368 cases under the Black Money law for undisclosed foreign income and assets. The FM said there is no official estimate of the amount of money deposited by …

Finance Ministry refutes reports of alleged black money held by Indians in Switzerland
3 years, 6 months ago

Finance Ministry refutes reports of alleged black money held by Indians in Switzerland

India TV News  

The Union Finance Ministry on Saturday said that increase in deposits of Indians in Swiss Banks could be on account of increase in business of Swiss bank branches located in India and raised Inter-bank transactions, rather than due to an increase in alleged black money held by Indians in Switzerland. "Reports allude to the fact that the figures reported are …

Indians' funds in Swiss banks: Govt seeks details from Swiss authorities
3 years, 6 months ago

Indians' funds in Swiss banks: Govt seeks details from Swiss authorities

India TV News  

The finance ministry on Saturday asserted that Indian customer deposits in Swiss banks have fallen since 2019, but said it is seeking details from Swiss authorities on the relevant facts along with their view on possible reasons for changes in the funds parked by individuals and entities in 2020. Quoting data from Switzerland's central bank, PTI had reported on June …

No significant chance of Indians’ Swiss bank deposits rising: Finance Ministry
3 years, 6 months ago

No significant chance of Indians’ Swiss bank deposits rising: Finance Ministry

The Hindu  

The Finance Ministry has asserted that ‘there does not appear to be any significant possibility’ of an increase in Swiss bank deposits from undeclared incomes of Indians, but has requested Swiss authorities to provide the ‘relevant facts’ and ‘possible reasons’ for changes in deposit numbers. “The Swiss authorities have been requested to provide the relevant facts along with their view …

Indians' funds in Swiss banks rise to over Rs 20k crore on surge in securities, institutional holdings
3 years, 6 months ago

Indians' funds in Swiss banks rise to over Rs 20k crore on surge in securities, institutional holdings

India TV News  

Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to 2.55 billion Swiss francs in 2020 on a sharp surge in holdings via securities and similar instruments, though customer deposits fell, annual data from Switzerland's central bank showed on Thursday. The total amount of CHF 2,554.7 million, described by the …

Era of Swiss bank secrecy over, details of Indians to come from today
5 years, 4 months ago

Era of Swiss bank secrecy over, details of Indians to come from today

India TV News  

In a major boost to Modi government's fight against the menace of black money, Switzerland will send details of bank accounts of Indian citizens in Swiss banks from today. The details to be shared by Switzerland with the Indian tax authorities under the Automatic Exchange of Information framework would include account numbers, credit balance and all kinds of financial income …

Switzerland shares details of 50 Indians, mostly businessmen, suspected of amassing illicit wealth at Swiss banks
5 years, 6 months ago

Switzerland shares details of 50 Indians, mostly businessmen, suspected of amassing illicit wealth at Swiss banks

Firstpost  

Authorities are in process of sharing details of at least 50 Indian nationals having Swiss bank accounts, with regulatory and enforcement agencies in the two countries tightening their noose on individuals suspected to have amassed illicit wealth Berne: Swiss authorities are in process of sharing details of at least 50 Indian nationals having accounts in Switzerland-based banks, with regulatory and …

Modi government’s surgical strike(s) on Black Money: A multi-pronged, systematic approach that has been cleansing corruption effectively
5 years, 8 months ago

Modi government’s surgical strike(s) on Black Money: A multi-pronged, systematic approach that has been cleansing corruption effectively

Op India  

“Everybody was so focused on magician’s right hand, that no one noticed him slipping the coin in his pocket with his left hand. At least now each and every conversation about Black Money would not end with Swiss Banks. This even by opposition’s claim means Demonetization killed black money of worth more than twice of what is deposited in Swiss …

Black money: India, Switzerland discuss automatic exchange of information
6 years, 5 months ago

Black money: India, Switzerland discuss automatic exchange of information

Firstpost  

Black money has been a major issue in India and banks in Switzerland have long been perceived as one of the safest havens to park such funds due to their famed secrecy walls for years. New Delhi: India and Switzerland on Friday discussed the activation of automatic exchange of information relating to black money stashed by Indians in secret accounts …

Indians' Swiss bank deposits have been falling from 2006 peak, but that doesn't mean all is well
6 years, 5 months ago

Indians' Swiss bank deposits have been falling from 2006 peak, but that doesn't mean all is well

Firstpost  

if Indian money deposits have dipped in Swiss banks and if we assume this was all black money, where did all this money go, On Tuesday, in a reply to Parliament, Union Finance Minister Piyush Goyal said between 2014 and 2017, there was an 80 percent decline in the total deposits by Indians in Swiss banks, adding media was misinterpreting …

Piyush Goyal dismisses Congress' claims of increasing Indian deposits in Swiss banks, says it has dropped by 34% since 2014
6 years, 5 months ago

Piyush Goyal dismisses Congress' claims of increasing Indian deposits in Swiss banks, says it has dropped by 34% since 2014

Firstpost  

Piyush Goyal said that contrary to Congress President Rahul Gandhi’s assertion that deposits by Indian nationals in Swiss Banks had increased by 50 percent, the actual Indian deposits had gone down by 34 percent New Delhi: Finance Minister Piyush Goyal on Tuesday dismissed the allegations of a 50 percent jump in deposits by Indians in Swiss banks as “baseless” and …

Rahul Gandhi takes on Modi, asks if the '50% increase in Swiss bank deposit by Indians' is white?
6 years, 6 months ago

Rahul Gandhi takes on Modi, asks if the '50% increase in Swiss bank deposit by Indians' is white?

ABP News  

2014, HE said: I will bring back all the "BLACK" money in Swiss Banks & put 15 Lakhs in each Indian bank A/C. pic.twitter.com/7AIgT529ST — Rahul Gandhi June 29, 2018 Annual banking statistics, 2017 https://t.co/7dFNkvG2l7 — Swiss National Bank June 28, 2018 New Delhi: Congress president Rahul Gandhi on Friday took on Bharatiya Janta Party government over 50% increase in …

Deposit by Indians in Swiss banks cannot be assumed as black money: Finance Minister Piyush Goyal
6 years, 6 months ago

Deposit by Indians in Swiss banks cannot be assumed as black money: Finance Minister Piyush Goyal

India TV News  

Finance Minister Piyush Goyal on Friday said that the deposits by Indians in Swiss banks cannot be assumed to be black money. Commenting on the data report, Finance Minister Piyush Goyal said that the money cannot be termed as illegal transaction or black money. Money parked by Indians in Swiss banks rose over 50 per cent to CHF 1.01 billion …

Indian money stashed in Swiss banks swells by 50%: Strong action will be taken against illicit deposits, says Piyush Goyal
6 years, 6 months ago

Indian money stashed in Swiss banks swells by 50%: Strong action will be taken against illicit deposits, says Piyush Goyal

Firstpost  

India would start getting details of bank accounts from Switzerland under a bilateral treaty, finance minister Piyush Goyal said New Delhi: With deposits by Indians in Swiss banks surging, finance minister Piyush Goyal on Friday wondered how all of it can be assumed to be black money, but said strong action would be taken against anyone found guilty of wrongdoing. …

Pakistani money in Swiss banks down by 21% to Rs 7,700 cr but remains above Indian funds
6 years, 6 months ago

Pakistani money in Swiss banks down by 21% to Rs 7,700 cr but remains above Indian funds

Firstpost  

The surge in Indian money held with Swiss banks comes as a surprise given India’s continuing clampdown on suspected black money stashed abroad, including in banks of Switzerland that used to be known for their famed secrecy walls for years. Zurich/New Delhi: Money kept by Pakistani nationals in Swiss banks fell by over 21 percent to a record low of …

Indian money stashed away in Swiss banks rise 50% to Rs 7,000 cr in 2017, according to official data
6 years, 6 months ago

Indian money stashed away in Swiss banks rise 50% to Rs 7,000 cr in 2017, according to official data

Firstpost  

The surge in Indian money held with Swiss banks comes as a surprise given India’s continuing clampdown on suspected black money stashed abroad, including in banks of Switzerland that used to be known for their famed secrecy walls for years. Zurich/New Delhi: Money parked by Indians in Swiss banks rose over 50 percent to CHF 1.01 billion in 2017, reversing …

Master Stroke: 50% rise in money held by Indians in Swiss banks, says recent report
6 years, 6 months ago

Master Stroke: 50% rise in money held by Indians in Swiss banks, says recent report

ABP News  

Money parked by Indians in Swiss banks rose over 50 per cent to CHF 1.01 billion in 2017, reversing a three-year downward trend amid India's clampdown on suspected black money stashed there.In comparison, the total funds held by all foreign clients of Swiss banks rose about 3 per cent to CHF 1.46 trillion or about Rs 100 lakh crore in …

After 3-year downward trend, money parked by Indians in Swiss banks rises over 50% to Rs 7,000 crore
6 years, 6 months ago

After 3-year downward trend, money parked by Indians in Swiss banks rises over 50% to Rs 7,000 crore

India TV News  

Money parked by Indians in Swiss banks rose over 50 per cent to CHF 1.01 billion in 2017, reversing a three-year downward trend amid India's clampdown on suspected black money stashed there. The total funds held by all foreign clients of Swiss banks rose about 3 per cent to CHF 1.46 trillion or about Rs 100 lakh crore in 2017, …

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