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Piyush Goyal: Will have data on money parked abroad by Indians soon
Interim Finance Minister Piyush Goyal said that an agreement between India and Switzerland will provide them with all data on black money by the end of the next accounting year.
New Delhi: Interim Finance Minister Piyush Goyal said that an agreement between India and Switzerland will provide them with all data on black money by the end of the next accounting year.
"All the data will be made available to us from February 1, 2018, to the end of this accounting year. So, why to assume this is black money or illegal transactions?" said Goyal on reports that money parked by Indians in Swiss banks rose by 50 per cent in 2017.
Goyal further mentioned a report which said 40 per cent of the total amount was deposited under Liberalised Remittance Scheme started by former finance minister P. Chidambaram.
"I don't know why they allowed any individual, including NRIs, to liberally remit $2.5 lakh outside the country," said Goyal.
Adding to this, he said that strict action will be taken against anyone who is found guilty once the information is out.
He also said that the recent announcements regarding the oil prices have led to America increasing interest rates, but he has faith in the Reserve Bank of India and the central government. Making a comparison between rates of today and what had existed in 2013, he said the value of Rupee hasn't depreciated in the past five years.
The Indian Rupee (INR) on Thursday plunged at a low of 68.89 per dollar. (ANI)