Master Stroke: Modi government's 'mammoth promise' falls flat with rise in black money deposition

29 Jun 2018 10:33 PM

Master Stroke: Modi government's 'mammoth promise' falls flat with rise in black money deposition

Updated 29 Jun 2018 10:33 PM

Amidst reports of rising deposits of Indian money in Swiss banks, Union Minister Arun Jaitley said all deposits in the Swiss accounts are not black money.
Jaitley, in his blog, said, "Switzerland has taken significant efforts to get out of the image of being a tax haven and a 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."
He further said though Switzerland was always reluctant about financial disclosures, however, after international pressure, it agreed to make disclosures for requesting states, including India.
The minister also gave a stern warning to illegal depositors, stating that the names of those using the Swiss banking for illegal wealth will be made public, and the account holders will be penalised under the black money law in India.

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