Swiss banks will take tough action on Indians holding illegal deposits: Arun Jaitley

According to the latest figures of Swiss National Bank, the amount deposited by Indians in 2017 has increased by more than 50 percent. During this time, Indians had deposited Rs 7,000 crore in Swiss bank, but in the last three years there was a decline in the deposits of Indians.
 

Arun Jaitley said in his blog, "Today a news has been printed that Swiss banks have raised the money of Indians. Because of this, some circles have reacted on the basis of incorrect information and have questioned the consequences of the efforts of anti-black movements of the government. "He said that Switzerland has always been reluctant to share information. Alpine countries have modified their home laws, including the rules for making the information public. These countries have signed an agreement to share information with India in real time and this will give India information only when an Indian deposits money there.
 
Jaitley said that this information will start coming in from January 2019. Any depositor who illegally deposited the money will already know that in a few months his name has to be public and he has to face strict penal action under black-law laws in India. He said that those people who are debating public on this matter should understand these basic facts, rather than have some less or wrong information approach.
 
Arun Jaitley said that the inquiry done by the tax department earlier found that it includes the money of those who are from Indian origin, but are now citizens of another country and it includes money from non-resident Indians.