Black Money Held by Indians Reduced by 44 %, says Swiss Bank

New Delhi: The Indian black money deposited in the Swiss National Bank (SNB), has been the main focus of the Congress president, Rahul Gandhi. He questioned the Modi Government over his inability to reduce black money in Swiss accounts.

On 28 June 2018, a report on the annual statistics for the 2017 banking year, was issued. The statistics showed that there was a 50 percent rise in the liabilities towards its Indian clients. However, its latest revised report states that the Indian money in these accounts has been reduced by 44 percent. With this report in place, the bank corrected its mistake in the calculation of the statistics.

The SNB said, that the reports have not taken account of the way the figures have to be interpreted, which has resulted in misleading analyses. It is frequently assumed that the assets held by Indian residents in Switzerland are undeclared.

On Tuesday, the interim Finance Minister, Piyush Goyal accused the Congress president, for smearing the country’s image. He said that the issue raised by the congress leader was based on baseless reports. He also said that the government had taken steps to reduce generation of black money while Congress had done nothing during the UPA regime.