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All money deposits in Swiss Banks not black money: Arun Jaitley

NEW DELHI: Union cabinet minister Arun Jaitley has hit out at the opposition for running an ill-informed campaign on reports about rise in deposits by Indians in Swiss banks, saying all money parked there is not illegal especially in the backdrop of stringent disclosure and information sharing agreements inked by Switzerland.
Jaitley pointed to rise in jump of 44% in the personal income tax category and 17%, terming the “unprecedented taxation growth” a result of the anti-black money measures, use of technology, demonetisation and the Goods and Services Tax.
A top government official said the tax base could rise 80-90% over the next five years, which would have a big positive impact on the fiscal situaton.

Switzerland has taken significant efforts to get out of the image of being a tax haven and a non-compliant State. It is on the verge of making disclosures in real time and, therefore, is no longer an ideal destination for tax evaders,” Jaitley said in a blog post on Friday.
Data released by the Swiss National Bank on Friday showed money parked by Indians in Swiss banks rose over 50% to 1.01 billion Swiss franc (Rs 7,000 crore) in 2017, reversing a three-year downward trend amid India's clampdown on suspected foreign black money.

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