Union Minister Arun Jaitley on Friday warned Indians having illegal deposits in Swiss banks, that they would be subjected to the harsh penal provisions of the black money law in India, after flow of information from Switzerland regarding bank deposits by Indians will start from January, 2019.
According to a latest report, money parked by Indian nationals in Swiss banks rose over 50 percent to CHF (Swiss franc) 1.01 billion (Rs 7,000 crore) in 2017, in comparison to 2016 which witnessed a big plunge by 45 % CHF 676 million (about Rs 4,500 crore).
Arun Jaitley in a blog said,” A news item has appeared today indicating an increase of money by ‘Indians’ in the Swiss banking system. This has led to misinformed reaction in certain circles raising a query whether the Government’s anti-black money steps have yielded results.”
“Switzerland has amended its domestic laws involving all disclosures and entered into a treaty even with India and real time flow of information with regard to Indians will be made. The flow of information is starting in January, 2019.”
“Any illegal depositor knows that it is a matter of months before his name becomes public and he will be subjected to the harsh penal provisions of the black money law in India,” he added.
“Switzerland is on the verge of making disclosures in real time and, therefore, is no longer an ideal destination for tax evaders. Those who participate in a public discourse must understand these basic facts before expressing an opinion which may be ill-informed. To assume that all the deposits are per se tax evaded money or that Switzerland in the matter of illegal deposits is what it was decades ago, is to start on a shaky presumption,” jaitley further added.