Indian money in Swiss banks down 80% since 2014, says FM Piyush Goyal

The finance minister cited Swiss ambassador's letter, which also said the Indian money in Swiss banks have decreased by 80 per cent since 2014.

Under fire for reports of a spurt in black money held by Indians in Swiss banks, Finance Minister Piyush Goyal said on Tuesday such money decreased by around 35 per cent in 2017 year-on-year, and by 80 per cent since the Narendra Modi government took over in 2014.

“After the NDA came to power in 2014, deposits in Swiss banks have been reduced by 80 per cent till the end of 2017,” Goyal said in the Rajya Sabha.

Citing data from the global body of central banks, the Bank for International Settlements (BIS), Goyal refuted reports of a 50 per