Mamata slams demonetization as Indians put more in Swiss banks

Amid reports of soaring deposits by Indians in the Swiss banks in the last year, West Bengal Chief Minister Mamata Banerjee on Friday taunted the Narendra Modi government over its demonetization move.

She said money was "flying" to Swiss bank while India was "losing".

"Bravo! #DeMonetisation? Swiss Bank money flying. India losing," Banerjee said in a tweet.

According to media reports, after falling for three years in succession, money parked by Indians in Swiss banks rose 50 per cent to 1.02 billion Swiss francs in 2017 over the previous year.

Interim Finance Minister Piyush Goyal on Friday said data of money deposited by Indians in Swiss banks will be available to the government under an agreement signed with Switzerland for automatic exchange of information.

Responding to media queries on the rise of deposits by Indians in Swiss banks, he said: "From what I understand (from media reports) 40 per cent increase in foreign remittances are on account of the Reserve Bank's Liberalised Remittance Scheme brought during the previous (UPA) government under which a resident Indian can remit $250,000 per year."

--IANS

bdc/vd