Indian deposits in Swiss banks falling sharply since 2014: Piyush Goyal
New Delhi, July 24 : Finance Minister Piyush Goyal on Tuesday dismissed as "baseless" the allegations of a 50 per cent jump in deposits by Indians in Swiss banks and said the Congress was trying to tarnish India's image on the international stage by "spreading lies".
He said that contrary to Congress President Rahul Gandhi's assertion that deposits by Indian nationals in Swiss Banks had increased by 50 per cent, the actual Indian deposits had gone down by 34 per cent between 2016 and 2017 and by over 80 per cent since the BJP government came to power in 2014.
Goyal told reporters that the data referred to by Rahul Gandhi includes non-deposit liabilities, business of Swiss branches located in India, inter-bank transactions and fiduciary liabilities.
"The Swiss government has informed us that the news being spread by Rahul Gandhi is baseless and that the figures quoted by some political leaders are completely irrelevant to this issue," he said.
The minister said the Swiss government had told India in writing that the figures published by the Swiss National Bank are regularly mentioned in the Indian media as a reliable indicator of the amount of assets held with Swiss financial institutions in respect of Indian residents but more often the media reports do not take into account the way the figures have to be interpreted.
"This has resulted in misleading headlines and analyses. Moreover, it is frequently assumed that any assets held by Indian residents in Switzerland are undeclared-- so-called 'black money'," Goyal said quoting the Swiss government's response.
"To analyze Indian residents' deposits held in Switzerland, another data source should be used. This is the so-called 'locational banking statistics', which the Swiss National Bank collects in collaboration with the Bank for International Settlements (BIS)," he added.
Goyal said that Rahul Gandhi raked up the issue without understanding the seriousness of the matter.
"He's habitual of making allegations without knowing the reality as we saw in the no-confidence debate as well which led to a rebuttal by the French government the same day. And now we have the Swiss government dismissing his claims," he said.
Goyal said that since 2014, there has been an 80 per cent reduction in money held by Indians in Swiss banks from $2.2 billion in 2014 to just over half a billion dollars in 2017.
"In 2017, deposits have reduced by 34 per cent from $800 million to $524 million. And this has been reducing every year.
"This shows how attempts are being made to malign India's image in international stage through false allegations by the Congress and some other motivated elements," Goyal said.
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DJ Black Coffee's event in Goa cancelled after NOC revoked on Good Friday
Panaji (PTI): The Goa leg of Grammy-winning South African DJ Black Coffee's India tour was cancelled at the last minute on Friday evening after authorities revoked the event's No Objection Certificate (NOC), a move intended to honour the solemnity of Good Friday.
Officials on Saturday cited the need to respect local sentiments and the religious significance of the day as the primary reason for withdrawing the permission previously granted to host the "Sunset-to-Night" event.
The opposition Congress demanded a probe by the Economic Offences Cell of the state against the organisers.
The revocation of permission by the Communidade of Anjuna, in whose land the event was scheduled to be hosted, followed an objection by locals and the Congress, citing the solemn occasion of Good Friday and the upcoming Easter Sunday.
Local police officials confirmed that the organisers of "Sunset to Night" have cancelled the event, leaving many revellers disappointed.
Sebastian D'Souza, an attorney of Communidade of Anjuna, in a letter addressed to organisers, stated that the NOC granted to them on March 4, 2026, to host the musical event on April 3 in survey number 206/1 of Anjuna village has been unanimously revoked by the managing committee.
D'Souza stated that the date coincides with Holy Week, particularly Good Friday.
"This has been decided in the interest of residents of Anjuna, Vagator and Chapora," the letter reads.
The Comunidade of Anjuna is a traditional, collective land-holding institution in North Goa, part of the twelve comunidades of Bardez.
A huge crowd assembled outside the venue of the programme on Friday night as the word spread about the cancellation.
Several netizens posted reels on social media claiming they were informed about the cancellation at the last minute.
Earlier, the Congress had objected to hosting such an event on the sacred occasion of Good Friday, calling it "deeply insensitive and unacceptable."
"Your event, @Paradoxindia_, in Goa on the sacred occasion of Good Friday is deeply insensitive and unacceptable. @RealBlackCoffee , this is not just about music- it is about respecting faith. By going ahead with a techno show on a day of mourning for Christians, you have hurt religious sentiments not just in Goa, but across the world," Goa Pradesh Congress Committee President Amit Patkar had written on X.
Speaking at a press conference on Saturday, Patkar said that the state Congress would file a complaint with the Economic Offences Cell (EOC) against the organisers for allegedly selling tickets online without obtaining necessary permissions from authorities such as the Goa Pollution Control Board and the Fire and Emergency Services.
The event organisers could not be contacted immediately for their comment on the Congress leader's claim.
While at least 3,000 people had arrived in Goa to attend the event, the access road to the venue was not wide enough for Fire and Emergency Services vehicles to reach, Patkar claimed.
