Indian Money in Swiss Banks decreased 80 percent | New Numbers

Within a month of news reports telling people about a 50 percent increase in Money of Indians in Swiss banks (going up to over Rs 7,000 crore); the Modi Government has come up with its own numbers.

According to Mr. Piyush Goyal, Union Minister of Finance,… Railways and Coal — contrary(opposite) to the previous news reports, the Indian money in Swiss banks has in fact came down under the Modi government. In his statement in Parliament on Tuesday, Mr. Goyal has said on record that the Indian money deposited in Swiss banks fell by 34 percent from 2017; and fell by 80% between 2014 and 2017.

Now that we have three numbers with us, we can debate at lengths to arrive at our own conclusions.

But still if we want to agree on the most agreeable number, then we can agree with the Modi Government here. The reason is simple: If business activity has slowed down in India and outside; or if imports have become costlier for India ( often used by the Modi Government to defend price rise) — then majority of top businessmen of India will not be earning much to stash some of it in some Swiss Bank. One needs to earn extra to deposit it in some bank. If you don’t earn much, you don’t deposit much in a Bank!

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