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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Lebanon sees deadliest day of conflict since 2006 as Israeli strikes kill 492
Marjayoun (Lebanon) (AP): Israeli strikes on Lebanon Monday killed more than 490 people, including more than 90 women and children, Lebanese authorities said, in the deadliest barrage since the 2006 Israel-Hezbollah war. The Israeli military warned residents in southern and eastern Lebanon to evacuate ahead of its widening air campaign against Hezbollah.
Thousands of Lebanese fled the south, and the main highway out of the southern port city of Sidon was jammed with cars heading toward Beirut in the biggest exodus since 2006.
Lebanon's health ministry said the strikes killed 492 people, including 35 children and 58 women, and wounded 1,645 people — a staggering one-day toll for a country still reeling from a deadly attack on communication devices last week.
The death toll far surpassed that of Beirut's devastating port explosion in 2020, when hundreds of tons of ammonium nitrate stored in a warehouse detonated, killing at least 218 people and wounding more than 6,000.
In a recorded message, Israeli Prime Minister Benjamin Netanyahu urged Lebanese civilians to heed Israeli calls to evacuate, saying “take this warning seriously.”
“Please get out of harm's way now,” Netanyahu said. “Once our operation is finished, you can come back safely to your homes.”
Israel's military spokesman, Rear Adm. Daniel Hagari, said the army will do “whatever is necessary” to push Hezbollah from Lebanon's border with Israel.
Hagari claimed Monday's widespread airstrikes had inflicted heavy damage on Hezbollah. But he would not give a timeline for the ongoing operation and said Israel was prepared to launch a ground invasion of Lebanon if needed.
“We are not looking for wars. We are looking to take down the threats,” he said. “We will do whatever is necessary to do to achieve this mission. We hope to do it as shortly as we can.”
Hagari said Hezbollah has launched some 9,000 rockets and drones into Israel since last October, including 250 on Monday alone.
The military spokesman said Israeli warplanes struck 1,300 Hezbollah targets Monday, destroying cruise missiles, long- and short-range rockets and attack drones. He said many were hidden in residential areas, showing photos of what he said were weapons hidden in private homes.
“Hezbollah has turned southern Lebanon into a war zone,” he told a news conference.
Israel estimates Hezbollah has some 150,000 rockets and missiles, including guided missiles and long-range projectiles capable of striking anywhere in Israel.
