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News18 » Politics
2-min read

Mayawati Attacks Modi Govt Over Rise in Indian Money in Swiss Banks

Accusing 'Modi and his team' of being hand in glove with the capitalists and corporates of the country, the BSP chief stressed on the need for opposition unity in order to 'fight for and protect the interests of the poor'.


Updated:July 1, 2018, 5:07 PM IST
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File Photo of BSP chief Mayawati. (PTI)

New Delhi: Bahujan Samaj Party (BSP) chief Mayawati attacked the Narendra Modi government on Sunday over the rise of Indian money in Swiss banks.

In a press note, Mayawati said, “Will not the BJP and PM Modi love to take credit for this spectacular news about Indian deposits increasing 50 per cent in Swiss bank?”

"Is the BJP government promoting the private sector, which always ignores Dalits and backward classes? Will the Modi government accept its failure in bringing back black money? Is this example of BJP's patriotism?" she also asked.

Accusing “Modi and his team” of being hand in glove with the capitalists and corporates of the country, the BSP chief stressed on the need for opposition unity in order to “fight for and protect the interests of the poor”. Mayawati said, "The BJP's tension in obvious due to unity of opposition parties. It (BJP) should realise that due to its anti-people's policy its allies are parting away."

The official annual data released by the Swiss National Bank (SNB), the central banking authority of the Alpine nation, showed that money parked abroad by Indians 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 surge in Indian money held with Swiss banks came as a surprise given India’s continuing clampdown on suspected black money stashed abroad, including in banks of Switzerland that used to be known for their famed secrecy walls for years.

The Indian money in Swiss banks had fallen by 45 per cent in 2016, marking their biggest ever yearly plunge, to CHF 676 million (about Rs 4,500 crore) — the lowest-ever since the European nation began making the data public in 1987.

Ever since the release of the report, the Opposition has attacked the government over its claims of bringing back black money parked abroad.

Congress president Rahul Gandhi had taken to Twitter to allege that Modi said the 50 per cent jump in deposits was “white money” and there was no “black money”. Gandhi said in a tweet, “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!(sic).”

Targeting the government, the Congress said Swiss bank deposits during the UPA had fallen and the same had risen by 50 per cent under the Modi government. “Swiss Bank deposits fell during Dr. Manmohan Singh’s time, only to rise to record levels under PM Modi. The current increase of 50.2 pc post demonetisation, is the maximum since 2004,” the party said on its Twitter handle.

The Bharatiya Janata Party (BJP) hit back at the allegations, saying all deposits made by Indians in Swiss banks could not be assumed to be black money. Union minister Piyush Goyal said the Centre would get all data related to black money by next year under a bilateral treaty.

(With PTI inputs)

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