Indian Prime Minister Narendra Modi had made a big promise during the 2014 Lok Sabha elections that he would bring back the black money of Indians stashed in Swiss banks and deposit Rs 15 lakh in the account of every Indian. This promise was well received by the people, but even after 11 years, it has not been fulfilled. According to the 2024 report of the Swiss National Bank, the deposits of Indians in Swiss banks have increased from 1.22 billion Swiss francs (2014) to 3.53 billion Swiss francs, or about Rs 37,600 crore. This increase brings into question the promises of the government. The government says that due to the information sharing agreement with Switzerland, accurate information about the deposits is now available.
According to the Finance Ministry, this increase was due to the globalization of the Indian economy and increased investment, and not due to black money. But the government had admitted in Parliament in 2021 that there is no official figure of black money in Swiss banks. This makes it clear that no concrete steps have been taken to bring back black money. Agreements were reached with Swiss banks, but there has been no major success in tracing or bringing back black money.
Opposition parties say that the government only made jingles on this issue, while the money of the rich is being kept safe in Swiss banks. According to the Congress, the three-fold increase in the money of Indians in Swiss banks shows the failure of the government.
According to the 2024 report of the Swiss National Bank, the deposits of Indians in Swiss banks are 3.53 billion Swiss francs (about Rs 37,600 crore). This is three times more than the 1.22 billion Swiss francs (about Rs 12,000 crore) in 2014. This includes all types of accounts, including deposits of individuals, companies and trusts. But the government is not ready to consider it as black money.
The Finance Ministry says that this money has increased due to legal investments and business activities. However, opposition parties and experts believe that a large part of it may be black money, which the government has not been able to trace. It is difficult to know the exact figures due to the confidentiality policy of Swiss banks, but the information sharing agreement has certainly increased some transparency.
On the other hand, the government and the BJP say that the increase in money in Swiss banks is the result of a strong economy and foreign investment. They attribute their success to the information sharing agreements, which have started providing information on deposits. But they are silent on the issue of bringing back black money.
