Rajya Sabha member Pramod Tiwari gives zero-hour notice in Rajya Sabha on the issue of what he termed as a surge in Indian money held in Swiss banks.

Wednesday marks day 13 of the Monsoon session and proceedings in both Houses which will commence at 11 am and Rajya Sabha member from the congress party has asked for a zero-hour session to address the issue.

Earlier on July 29 also, he gave the zero-hour notice to discuss the same and had written to the Secretary-General of Rajya Sabha.

“It is a matter of grave concern that other foreign banks including Swiss Bank funds are being diverted to more institutions in an uncontrollable manner, increasing the risks of black money,” the MP said in the letter.

During the 2014 elections, the present government had made “big claims” to bring back the “black money” stashed in foreign banks, the MP said.

“Far from bringing money back, Indian funds got deposited in Swiss Bank. According to the annual report released by the Central Bank of Switzerland, Indian individuals and firms deposited 3.83 billion Swiss francs i.e. Rs 30,500 crore in Swiss banks in the year 2021, which is at a record level of the last 14 years,” the letter read.

Apart from this, savings of Indians in savings or deposit accounts have reached a record high of Rs 4,800 crore, he said.
As per the reply given by Finance Minister Nirmala Sitharaman on that day, there was no official estimate of the amount deposited under various foreign accounts, he added.

In reply to a question on whether there has been a steep rise in the amount of money deposited by Indian citizens and companies in Swiss banks, Sitharaman said there is no official estimate of the amount of money deposited by Indian citizens and companies in Swiss banks. “However, certain recent media reports have stated that funds of Indians in Swiss Banks have risen in 2021 as compared to 2020,” Sitharaman said.

These media reports have also mentioned that these deposits do not indicate the quantum of the alleged black money held by Indians in Switzerland, the minister said further in her reply.

“The existing measures taken in dealing with black money are insufficient. Therefore, through this house, I urge the government I want that consider the immediate and negative impact on the economy, which After all, affects the poor and weaker sections, and take appropriate steps in this regard,” the letter by the Rajya Sabha member further read. (ANI)