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Modi’s action on Corruption: Indian Black money in Swiss Bank ‘Reduced’ by 80%!

Swiss Bank slams ‘misinterpretation’ by Indian media, which had reported that there was a 50% increase. Issues official clarification, says all deposits are not black money.

In a statement issued by it, the Swiss bank has cleared on the news of an increase in deposits of Indians in Swiss banks by more than 50%. It categorically said that the 50% increase is in all the money deposited in the bank – all of which is not black money. According to the data released by Swiss Bank BIS (Bank for International Settlements), Black money has ‘reduced’ by 34.5% in 2017, and it has come down by 80% since the Modi government came to power in 2014.

Swiss bank BIS stated, that “Non-bank loans and deposits (which have been categorized under black money, not including inter-bank transactions) have been reduced”. In fact, according to the figure of non-bank loans in 2016, which had amounted to $ 800 million, has been reduced to just $ 52.4 million in 2017! The bank said, that under Modi government’s rule, there has been significant reduction in Non-bank loans and deposits.

To be specific, they have decreased by 80% between 2014 and 2017, according to the Swiss bank. The bank had to issue the statement to clarify on the reports in Indian media, which said that deposits of Indians in the Swiss bank had increased 50 percent. However, the reports were not presenting the data correctly, and in fact, they were ‘misinterpreted’ as the opposition cited them to attack the government, saying that corruption had increased in its tenure.

Even the Swiss bank BIS said that this data is usually presented incorrectly, as it includes many different transactions, and the amount of deposits includes transactions like Non-deposit liabilities, the business of the branches of Swiss banks located in India, transactions done at the level of banks, as well as trustworthy liabilities. The bank has also cited a letter written by Swiss Ambassador Andreas Baum, to Finance Minister Piyush Goyal in this regard.

The letter says, that most of the time people think that the money Indians have in Swiss banks, is all black money. However, this is not the case. The letter also says that the data about people depositing their money in Swiss banks, is collected by the BIS itself. Finance Minister Piyush Goyal also stated these figures in the Rajya Sabha, and said that money in Swiss banks is deposited by Indians living in different parts of the world, and all of it is not black money.

He also said that he had written a letter to the Swiss banks BIS, asking for data of deposits by Indians, and he has got a response from them in writing. Pointing towards the Indian media, he said that whenever it comes to money deposited by Indians in Swiss banks, the media presents it as if all the amount is black money. He said that the Swiss banks have told him, how information about money deposited by Indians in Swiss banks, can be obtained.

According to them, Locational banking statistics can help in detecting such deposits, he added. It has been observed that most of the mainstream Indian media is often biased, and twists or misinterprets information, to sensationalize it and target the Modi government. The people also believe them, as most of them are not well informed about international banking and finance. According to The Youth, mainstream Indian media must stop doing this.

Written by Sushant Awasthi

A creative learner, social thinker, commentator, writer on social issues and member of TheYouth team. You can follow him on Twitter @OfficeOfSA

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