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INDIA IN THE FIGHT AGAINST BLACK MONEY

  • Information of accounts received from the government of Switzerland

  • As per some reports India may get more information next year

|| Anjan K Samal

In the matter of getting information about black money from foreign land, the government India has achieved a success which  also may be termed as not the complete Success. The Government of Switzerland has submitted the first information related to bank accounts to the Government of India but the Swiss Bank did not categorically mention the total amount of black money out of the total deposits made by Indian resident.

The information about the Indian accounts opened in Swiss bank by Switzerland has been submitted to the government. India is one of the few countries that achieved this secret information.

According to Switzerland’s Tax Department, after this, the next information will be submitted to the Government of India by 2020.

pic-India Today

According to the information, Swiss Bank of Switzerland has about 31 lakh accounts of different account holders of 75 countries across the world .

Sources in the government  regarding getting information from the government of Switzerland unveils that not all accounts are illegal in the information received.

Government agencies will now start an investigation in this case, in which the names of account holders, their account information will be shared and action will be taken according to the law.

Bringing black money stashed away abroad has been a big issue for the Modi government, whether it is the 2014 elections or the 2019 elections, the government of Switzerland was constantly being approached by the government to gather information.

Pic-The Sentinel

 How much Black money do Indians have in Swiss bank?

Earlier, in June 2019, the report released by Swiss National Bank stated that there was a decline in deposits by Indians in Swiss banks.

 According to the 2018 data,  mere 6757 Crores of Indians money have deposited in Swiss Bank. However, the Total amount of Black Money out of 6757 Crores was not revealed by the Bank.

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