Swiss Bank deposits info will be available as of 2018: Piyush Goyal
New Delhi, June 29 : Data of money deposited by Indians in Swiss banks will be available to the government under an agreement signed with Switzerland for automatic exchange of information, Interim Finance Minister Piyush Goyal said on Friday.
The agreement for automatic exchange of information was signed between Switzerland and India last November under which both countries would start collecting data in accordance with the global standards in 2018 and exchange it from 2019, Goyal told reporters here on the sidelines of an Institute of Cost Accountants of India event.
He was responding to media questions on latest data released by the Swiss National Bank showing a rise in Indian deposits last year.
"Under an agreement signed by the Modi government with Switzerland, all this data from the period January 1, 2018, will be made available to us," Goyal said.
"From what I understand (from media reports) 40 per cent increase in foreign remittances are on account of the Reserve Bank's Liberalised Remittance Scheme brought during the previous (UPA) government under which a resident Indian can remit $250,000 per year," he said.
"Then there are also non-resident deposits in this. Rest assured, if there is any wrongdoing revealed, we will take action. With the various measures of this government against black money, Swiss bank deposits have been decreasing," he added.
The data showed that after falling for three years in succession, money parked by Indians in Swiss banks rose 50 per cent to Swiss Franc 1.02 billion in 2017 over the previous year.
Over the last three years among the measures taken by the Indian government to combat black money include the enactment of Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, the Income Declaration Scheme in 2016 and the Pradhan Mantri Garib Kalyan Yojana last year.
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Bearys Institute of Technology Celebrates Constitution Day
(Press Release)- Mangalore, November 28, 2024: The Department of Mechanical Engineering at Bearys Institute of Technology (BIT), in association with the BIT NSS, organized a Constitution Day event under the theme “My Constitution, My Pride.” The event, held at the International Seminar Hall, saw active participation from students, NSS volunteers, and faculty.
The keynote address was delivered by Prof. Pushparaj, a distinguished academic from SDM Law College, Mangalore, who highlighted the significance of constitutional principles in shaping a progressive and inclusive society.
The event commenced with a welcome address by Head of Mechanical Engineering Department Dr. Vasantha Kumar, followed by an inaugural address by Dr. S I Manjur Basha, Principal of BIT.
The ceremony featured notable activities, including the watering of a plant to symbolize growth and sustainability, the oath taking of constitution's Preamble led by Dr. Mohamed Kafeel Delvi.
The Chief Guest, Prof. Pushparaj, was introduced by Dr. Imran Mokashi,Associate Professor, Department of Mechanical Engineering.
The event was coordinated by Dr. Mohamed Kafeel Delvi, NSS Program Officer & Associate Professor, Department of Mechanical Engineering.
The event concluded with a vote of thanks delivered by Dr. Sandeep Nambiar S, Assistant Professor, Department of Mechanical Engineering.
Saifulla, a student of the 3rd Semester, Mechanical Department, served as the Master of Ceremonies, ensuring the program flowed seamlessly.
This celebration reinforced the importance of the Constitution and inspired attendees, to uphold its values in their daily lives.
