Indian Finance Minister Piyush Goyal asserted that the amount of money deposited by Indians in Swiss banks has significantly reduced after the establishment of Modi government.

While recently released annual reports of Swiss banks showed that there was a 50% hike in the individual contributions of Indian people in Swiss bank accounts in last two years, Indian Finance Minister Piyush Goyal says that the rate of money deposit by Indians in Swiss banks as fallen significantly. On one hand, Swiss bank reports that there’s a total deposition of 7,000 crore rupees in the Swiss national bank, Finance Minister Piyush Goyal presented the data provided by Swiss National Bank and stated that the individual deposition by the Indian citizens in the Swiss bank has been reduced by 34.5% in 2017 as compared to previous FYs.

Slashing the previous reports, Piyush Goyal has said that the news reports have totally misunderstood the data released by Swiss Bank as the data also contained non-deposit liabilities, India-Switzerland business relations and international bank transactions and fiduciary liability. He said that the report has made a clear assumption that the Indian’s possessions in Switzerland are kept hidden. However, according to the BIS data, non-Bank loans and constituting the bank deposits by individuals as Black money excluding inter-bank transactions, have fallen by 34.5% in 2017.

Earlier in June, Goyal, defied the government and talked about the Swiss bank commenting on the reports presented in June that not all money deposited in Swiss banks by Indians can be considered as black money, but if anyone is found guilty of depositing black money, suitable steps will be taken. It is unclear of what to believe, perhaps, there are a lot of conditional statements in Goyal’s speech.