Government’s claim that black money deposited by Indians in Swiss banks is down by 80 per cent triggered protests in Rajya Sabha with some members storming to the Well of the House, questioning Finance Minister Piyush Goyal on the subject. The protests led to the House being adjourned for about 90 minutes.
In a written reply to a question on black money by Ram Kumar Kashyap of the INLD, Goyal said the money deposited by Indians in Swiss Banks had gone down by 80 per cent between 2013 and end 2017.
Trinamool Congress MP Sukhendu Shekar Roy asked for details of unaccounted deposits of Indians recovered so far from Switzerland and proceedings initiated by the government. “I think the honourable member may have some information which the government does not have. If he is privy to any information about black money, I think he should put it before the government so that the government can take action,” Goyal said in his reply to Roy’s question.
Goyal’s answer provoked the TMC members. They started raising slogans and moved into the Well, and were joined by the Congress members, leading to the Speaker adjourning the proceedings.
“As regards the exchange of information requests, the government has made 4,843 exchange of information requests to foreign jurisdictions in the last four financial years and proceedings are going on,” Goyal said.
Goyal also said the Automatic Exchange of Information, based on Common Reporting Standard, has commenced from 2017 with many countries enabling India to receive financial account information of Indian residents. “This will also be useful in bringing the unaccounted income and assets to tax,” he said.
In the written reply, Goyal said the disclosure of information received under a tax treaty was governed by the confidentiality provisions of the treaty.
Further, the disclosure of information in case of individual assesses is protected as per the provisions of Sec 138 of the Income Tax Act, 1961.
Down 35% In 2017
According to the FM, Indian deposits in Swiss banks fell by 34.5% in 2017 and by 80% since Modi govt came to power.
He said this in a rebuttal of last month’s reports, which quoted the Swiss National Bank annual report that Indian deposits had risen by 50% in 2017.
