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India has a treaty with Switzerland under which the Swiss government would provide all data from January 1, 2018 till December 31, 2018. "No "BLACK" in Swiss Banks!".

This is only the third time when there has been such a rise in Indians' money in Swiss banks after 2011 and 2013.

The Press Trust of India reported on Thursday that Indian deposits in Swiss bank accounts rose 50% to ₹7,000 crore or 1.01 billion Swiss francs (CHF) in 2017.

Finance Minister Piyush Goyal said on Friday that the reported 50% rise in deposits by Indians in Swiss banks could not be presumed to be a case of black money parked overseas.

The opposition now alleges the NDA Government is helping its "suited-booted" friends convert black money into white through money laundering.

Swiss banks have earlier said Indians have "few deposits" in Swiss banks compared to other global financial hubs like Singapore and Hong Kong amid stepped-up efforts to check the black money menace.

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According to Jaitley, past investigations by the tax department have shown that this includes funds held by persons of Indian origin who now hold foreign passport and monies belonging to Non-Resident Indians.

In another tweet, Yechury said the data is no surprise since the "Modi government writes off lakhs of crores of unpaid loans of crony corporate and businessmen flee India after looting public money under his watch". There were also monies belonging to resident Indians who have made legitimate investments overseas, including transfer of money under the liberalised remittance scheme.

Reacting to the reports, the Congress and other Opposition parties targeted Prime Minister Narendra Modi over his claims of retrieving black money stashed overseas.

Congress president Rahul Gandhi mocked the Modi government over what he described as its change in stand over the money deposited in Swiss banks.

"The first big news for this year is that the advance tax deposit during the first quarter of this year has seen a gross increase of 44 per cent in the personal income tax category and 17 per cent in the corporate tax category", Jaitley said.

"I would want to ask the real and fake finance minister - I don't know who is real and who is fake here - that before 2014, every discussion on Swiss bank accounts was considered black money", she said. "No "BLACK" in Swiss Banks!(sic)" Gandhi said on Twitter, tagging a media report on the matter. In comparison, the total funds held by all foreign clients of Swiss banks rose about 3 per cent to CHF 1.46 trillion, or about Rs 100 lakh crore, as per the data released yesterday.


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