Rise in Indians' money in Swiss banks matter of grave concern: JD(U)

The JD(U), a BJP ally, today termed the report that money parked by Indians in Swiss banks rose over 50 per cent in 2017 a matter of "grave concern".

Its spokesperson K C Tyagi said they had expected that demonetisation, carried out by the Modi government in November 2016, would hit black money hard, but "but the latest figures are a matter of grave concern".

Money parked by Indians in Swiss banks rose over 50 per cent to CHF 1.01 billion (Rs 7,000 crore) in 2017, reversing a three-year downward trend amid India's clampdown on suspected black money stashed there.

The stand of Nitish Kumar-led JDU is another pointer to the differences between the regional party and the BJP.

JD(U) leaders have sought preeminent status for their party in the NDA alliance in Bihar, a status it used to enjoy till its break-up with the BJP in 2013 following which the BJP joined hands with news allies and swept the Lok Sabha polls in 2014.

The BJP believes that political equations have changed in the state and it is the largest NDA party.