Rahul Gandhi exposes Modi’s ‘Black & White’ money game

black money

Taking a dig at PM Narendra Modi’s changing stances on checking the black money menace, Congress president Rahul Gandhi on Friday said that PM Modi would now come up with the statement that all the money in Swiss banks is white.

His statement came in the backdrop of the amount of Indians’ money in Swiss bans rising by 50 percent to Rs. 7,000 crore.

“2014, HE said: I will bring back all the “BLACK” money in Swiss Banks & put 15 Lakhs in each Indian bank A/C. 2016, HE said: Demonetisation will cure India of “BLACK” money. 2018, HE says: 50% jump in Swiss Bank deposits by Indians, is “WHITE” money. No “BLACK” in Swiss Banks!” Gandhi tweeted.

In the data released by the central banking authority of Switzerland, Swiss National Bank (SNB), The total funds held by Indians in Swiss banks rose over 50 percent to 1.01 billion Swiss francs (Rs. 7,000 crore) in 2017.

Also read: Modi’s failure: Indians’ money in Swiss banks rise by 50% to Rs. 7,000 crore

In contrast to this, the total funds held by all foreign accounts rose by 3 percent to about Rs. 100 lakh crore in 2017.

This escalated rise comes as a surprise given India’s apparent check on black money, which was kept in mind while the announcement of so-called demonetisation by Prime Minister Narendra Modi on September 8, 2016.

Indians’ money held with Swiss banks rose to Rs. 6,891 crore in 2017, whereas the funds held by wealth managers rose to Rs. 112 crore.

The Indian money in Swiss banks is held in three forms – customer deposits, other banks, and other liabilities such as securities.

As per the SNB data, the Indian money in Swiss banks include CHF Rs. 3,200 crore in the form of customer deposits, Rs. 1,050 crore through other banks and Rs. 2,640 crore as ‘other liabilities’ such as securities at the end of 2017.

The funds under all the three categories saw a sharp rise in 2017.

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