Swiss Bank Deposits Info Will Be Available as of 2018
by Jemma Barsby Content WriterData of money deposited by
Indians in Swiss banks will be available to the government under an agreement
signed with Switzerland for automatic exchange of information, Interim Finance
Minister Piyush Goyal said on Friday.
The agreement for automatic exchange of
information was signed between Switzerland and India last November under which
both countries would start collecting data in accordance with the global
standards in 2018 and exchange it from 2019, Goyal told reporters here on the
sidelines of an Institute of Cost Accountants of India event.
He was responding to media
questions on latest data released by the Swiss National Bank showing a rise in
Indian deposits last year.
"Under an agreement signed
by the Modi government with Switzerland, all this data from the period January
1, 2018, will be made available to us," Goyal said.
"From what I understand (from media
reports) 40 per cent increase in foreign remittances are on account of the
Reserve Bank's Liberalised Remittance Scheme brought during the previous (UPA)
government under which a resident Indian can remit $250,000 per year," he
said.
"Then there are also
non-resident deposits in this. Rest assured, if there is any wrongdoing
revealed, we will take action. With the various measures of this government
against black money, Swiss bank deposits have been decreasing," he added.
The data showed that after
falling for three years in succession, money parked by Indians in Swiss banks
rose 50 per cent to Swiss Franc 1.02 billion in 2017 over the previous year.
Over the last three years among
the measures taken by the Indian government to combat black money include the
enactment of Black Money (Undisclosed Foreign Income and Assets) and Imposition
of Tax Act, 2015, the Income Declaration Scheme in 2016 and the Pradhan Mantri
Garib Kalyan Yojana last year. for more information visit: http://www.dailypioneer.com/top-stories/swiss-bank-deposits-info-will-be-available-as-of-2018-goyal.html
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Created on Jun 29th 2018 06:18. Viewed 305 times.