Samvidhan Ki Shapath: Modi government's policies against BLACK MONEY is a flop? Experts' opinion

29 Jun 2018 06:51 PM

Samvidhan Ki Shapath: Modi government's policies against BLACK MONEY is a flop? Experts' opinion

Updated 29 Jun 2018 06:51 PM

Union Minister Arun Jaitley today 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 per cent to CHF 1.01 billion (Rs 7,000 crore) in 2017, reversing a three-year downward trend amid India's clampdown on suspected black money stashed by its citizens overseas.
"A news item has appeared today indicating an increase of money by 'Indians' in the Swiss banking system. This has led to misinformed reaction in certain circles raising a query whether the government's anti-black money steps have yielded results," Jaitley said in a blog.
Noting that Switzerland in financial disclosures was always a reluctant state, Jaitley said the Alpine nation has amended its domestic laws involving all disclosures and entered into a treaty even with India and real time flow of information with regard to Indians would be made.
"The flow of information is starting in January, 2019. 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.

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