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Deposits in Swiss Bank actually fell to 80% after Modi Government: Piyush Goyal

Union Minister of Finance Piyush Goyal on Tuesday claims that after Modi government came in power, the deposits of Indian in the Swiss Bank fells by 80% till the end of the year 2017.

Goyal said, “After the NDA came to power in 2014, deposits in Swiss Banks have been reduced by 80% till the end of the 2017”.

When asked about giving the details of the money deposits in the swiss banks in Rajya Sabha, Goyal told that the loans and deposits has decreased to 34.5% as compared to the last year.

He added, “Bank of International settlements data shows a decrease of 34.5% in assets held by Indian residents in Switzerland in 2017, as compared to 2016. Earlier data claiming 50% increase misinterpreted”.

Goyal further added that data shown by the media regarding the liabilities Swiss Bank had with India was misinterpreted.

Goyal said, “News reports quoting Swiss Bank’s annual statistics slowed increase of 50 percent in its total liabilities towards India in 16-17. Data is misinterpreted, it includes non-deposit liabilities, business of Swiss branches in India, inter bank transactions, fiduciary liability”.

 

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