Congress launches scathing attack on Modi Govt on black money

The Congress on Saturday, June 30 stepped up its attack on the Narendra Modi government over reports of a 50% jump in deposits by Indians in Swiss banks, saying the money that was earlier being called "black" by Bharatiya Janata Party ministers was now being termed as "white".

The party also said that demonetisation was a government-created "money laundering scam" and alleged that the Modi government was protecting "its suited-booted friends" and helping convert "their black money into white".

Congress leader Randeep Singh Surjewala accused both Union Minister Arun Jaitley and Interim Finance Minister Piyush Goyal of speaking "fair and lovely lies".

"Pre-May 2014, money in Swiss banks was 'Black'. In 49 months of Modi Govt, it turned 'White'. While the two finance ministers (?) defend 'Swiss bank account holders' saying it's not 'Illegal', Central Board of Direct Taxation says no information on Swiss bank accounts would be available till September 2019. Fair and lovely lies of finance ministers?" said Surjewala in a tweet.

Surjewala further alleged that the two ministers were rushing to defend all Swiss bank account holders without information. "Dear Prime Minister, CBDT circular also says you'll receive information in September 2019 of 'Swiss bank account holders' for the Year 2018 and thereafter only. What about info before the year 2018? Why are the two finance ministers (?) then rushing to defend all 'Swiss bank account holders' without any information?" Surjewala added.

He said Prime Minister Modi had said in the run-up to the 2014 Lok Sabha elections that "every child knows 'black money is kept in Swiss banks'", but the stance of government has changed.

"Dear Modiji, on Dec 22, 2013; you said every child knows 'black money is kept in Swiss banks'. On June 29, 2018, your finance ministers say 'It's stupid to say money in Swiss banks is black'. Which one of these two statements is 'stupid'? If Swiss money is 'white', where is 'black money'?," he asked.

Congress party spokesperson Priyanka Chaturvedi also hit out at the BJP government. "First time in India's history we have India's Finance Minister coming forward to defend them (Swiss bank account holders)," said Chaturvedi. "What is pushing this government to continue to protect their suited-booted friends at the expense of the common man? What has changed in a policy of this government to continue to protect people who hold accounts in foreign banks?" she said.

She said the government has actually created a "money laundering scam".

She asked why the BJP did not insist that Swiss authorities reveal bank details of Indians since Independence. "When they decided on this agreement, why they did not get all the account holders since 1947? Why they are insisting from 2018? Who are they trying to protect and why are they trying to protect is a question," she said.

Jaitley had in a blog on Friday, June 29 said that the Indians who have illegally stashed unaccounted money in Swiss banks would face harsh penal proceedings under the black money law after Switzerland starts sharing details of accounts from next year under a bilateral agreement on automatic exchange of information. He had said that casting doubt on the efficacy of the government's anti-black money measures was a "misinformed reaction".

Goyal had told reporters that under an agreement signed by the Modi government with Switzerland, all data from January 1, 2018, would be made available to the Indian government. The data showed that after falling for three years in succession, money parked by Indians in Swiss banks rose 50% to Swiss Francs 1.02 billion in 2017 over the previous year.

Inputs by NH Web Desk