Indian black money dips in Swiss banks but it has little to do with Modi

2016 was the third straight year that money held by Indians in Swiss bank accounts declined

On the first day of the rollout of the Goods and Services Tax on Saturday, Prime Minister Narendra Modi addressed a gathering of chartered accountants. While heaping praises on them, Modi asked the accountants to advise their clients against collecting or stashing away black money.

Citing his government’s efforts in cracking down on unaccounted for wealth, Modi said that money deposited by Indians in Switzerland’s bank accounts had nearly halved by the end of 2016, compared to the previous year.

“New laws have been made and the old ones have been made stronger. New agreements have been signed with countries and previous