‘Shaky presumption’ to assume all deposits are tax evaded money: Arun Jaitley on Swiss bank data

His rebuttal came hours after Congress president Rahul Gandhi trained his guns at the government for suggesting that the spike in Indian money in Swiss Banks is not black money.

A war of words has ensued between BJP and Congress after latest data from the Swiss National Bank revealed that money parked by Indians in Swiss banks 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.

READ | Money of Indians in Swiss Banks jumps 50% after decline for three years

Earlier in the day, Rahul Gandhi took a swipe at Prime Minister Narendra Modi over the rise in Indian money in Swiss banks, alleging that the prime minister says a 50-per cent jump in deposits by Indians is “white money” and that there is no “black money”.

“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)” Gandhi tweeted, tagging a media report on the matter.

ALSO READ | Rahul Gandhi mocks PM Modi: ‘Will bring back all money… to no black in Swiss Banks’

Hitting back at the Congress’ claims, Jaitley further said the report has led to “misinformed reaction in certain circles raising a query whether the Government’s anti-black money steps have yielded results”.

“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. Those who participate in a public discourse must understand these basic facts before expressing an opinion which may be ill-informed,” he added.