Cong attacks govt over increase in Swiss bank deposits by Indians

Insight Online News

New Delhi, June 18 : The Congress attacked the government over reports of an increase in Swiss bank deposits by Indians by 286 percent in 2020 — the highest in the last 13 years — and asked the government how much black money has been brought back and from which country in the last 7 years?

The Congress demanded that the Modi government should share the names of individuals who have moved the money to Swiss banks in the last one year? While 97% of Indians have become poorer, who are these people who are availing “Aapda mein Avsar”?

The opposition party alleged that the Modi government has not acted to curb the flow of black money.

AICC Spokesperson Gaurav Vallabh, addressing a press conference on Friday said, “The data for funds parked by Indian individuals and firms in Swiss banks for 2020 was released by the Swiss National Bank (SNB). Our assertion is that the divide between the rich and the poor has been widening under the Modi government. As per CMIE, close to 97% of Indians became poorer during the last year.”

He said the data for funds in Swiss banks for 2020 shows another side of the story. Total deposits in Swiss banks in 2020 have increased to 286%, as compared to 2019. The total deposits have been at a 13-year high, the highest since 2007. The bigger revelation comes from the data from the Bank for International Settlement (BIS), which indicates deposits by individuals in Swiss banks, the deposits by Indian individuals in Swiss banks rose by 39% in 2020 as compared to 2019.

The BJP, before assuming power in 2014, had claimed that Indians were hiding $ 250 billion (Rs 17.5 lakh crore) in Swiss banks alone. The BJP had also promised that it would bring back the black money stashed in foreign banks and as a result every Indian would get Rs 15 lakhs.

In the last 7 years, the Modi government has only been all talk and no action. There is absolutely no visibility around the attempts being made by the government and the outcome.


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