Swiss bank deposits rise to record levels under PM, says Congress

Rahul Gandhi

Congress president Rahul Gandhi on Friday took a swipe at Narendra Modi over the rise in Indian money in Swiss banks, alleging that the Prime Minister says a 50-per cent jump in deposits by Indians is 'white money' and that there is no 'black money'.

"In 2014, he said: I will bring back all the 'black' money in Swiss banks and put 15 lakhs in each Indian bank A/C. In 2016, he said: Demonetisation will cure India of 'black' money. In 2018, he said: 50 per cent jump in Swiss bank deposits by Indians is 'white' money. No 'black' money in Swiss banks!(sic)" Gandhi said on Twitter, tagging a media report on the matter.

Money parked by Indians in Swiss banks rose over 50 per cent to CHF 1.01 billion ('7,000 crore) in 2017, reversing a three-year downward trend amid India's clampdown on suspected black money.

The Congress also targeted the PM over his government's claims of putting a clampdown on black money and said Swiss bank deposits during the UPA had fallen and the same has risen by 50 per cent under the Modi government. "Swiss bank deposits fell during Dr Manmohan Singh's time, only to rise to record levels under PM Modi. The current increase of 50.2 per cent post demonetisation, is the maximum since 2004," the party said on its Twitter handle.

'People losing trust in banks under Modi'
The Congress said people are losing trust in the banking system and the Indian rupee has become the worst-performing currency in the world under the Narendra Modi government. Congress spokesperson R P N Singh said, "We request Modi to answer the same question he raised to the Congress when it was in power."

'Action to be taken against Swiss deposits'
With deposits by Indians in Swiss banks surging, Finance Minister Piyush Goyal wondered how all of it can be assumed to be black money, but said strong action would be taken against anyone found guilty of wrongdoing.

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