Swiss bank reports 80% drop in deposits from Indians during NDA tenure: Govt

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Piyush GoyalThe amount of deposits in Swiss bank by Indians have reported a steep decline by 80 per cent during National Democratic Alliance (NDA) regime, said Centre.

The government added that an information exchange agreement signed last December, India and Switzerland are keeping a record of the data on deposits from 1 January 2018 and would start exchanging it from September 2019.

“The Swiss government had clarified that the correct measure to look at deposits held by Indians was the locational banking statistics collected by the Bank of International Settlements,” the government said

According to the statistics, non-bank loans and deposits held by Indians in Swiss banks had dropped to $524 million in 2017 from $800 million in 2016 and $2.6 billion in 2013.

The declining state of deposits in Swiss Bank is backing the success of initiatives taken by the NDA government as it was one amongst the major promises made by Bharatiya Janata Party in its manifestos. This will help in its electoral prospects ahead of the general elections due in 2019.

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