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Nearly exactly a year ago, in an address to the Institute of Chartered Accountants of India (ICAI) on July 1, 2017, Mr. Modi had highlighted a record 45% drop in deposits by Indians in Swiss banks.

There were several rounds of discussions between Indian and Swiss government officials on the new framework and also for expediting the pending information requests about suspected illicit accounts of Indians in Swiss banks. "If Swiss money is white, Where Is black money", he asked.

The banks in Switzerland saw their profit increase about 25 percent to Swiss Francs (CHF) 9.8 billion in 2017 while the money deposited by Indians saw 50 percent rise to CHF 1.01 billion (Rs 7,000 crore) in 2017, opposite to the 3-year downward trend amid India's clampdown on suspected black money being deposited there.

In a tweet, Gandhi referred to Interim Finance Minister Piyush Goyal's remarks earlier in the day about the latest data released by the Swiss National Bank that showed a rise in Indian deposits past year.

Congress President Rahul Gandhi criticised Prime Minister Narendra Modi for allegedly failing to keep his promises about curbing black money in the country.

Swiss banks have earlier said Indians have "few deposits" in Swiss banks compared to other global financial hubs like Singapore and Hong Kong amid stepped-up efforts to check the black money menace.

The Income Tax department had detected suspected black money running into thousands of crores post investigations on global leaks about Indians stashing funds overseas and has launched prosecution against hundreds of them, including those with accounts in the Geneva branch of HSBC.

In a Facebook post later in the day, Union minister Arun Jaitley said, "It is only monies kept by resident Indians outside these categories (NRIs and residents who have made legal investments abroad) which become actionable".

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.

"2014, HE said: I will bring back all the "BLACK" money in Swiss Banks & put 15 Lakhs in each Indian bank A/C. 2016, HE said: Demonetisation will cure India of "BLACK" money".

Congress has slammed BJP party led by Modi over sudden surge in Indians depositing money in Swiss Banks ever since the NDA government came to power in 2014 and the recent crores of scams witnessed in India.

In comparison, the total funds held by all foreign clients of Swiss banks rose about 3 per cent to CHF 1.46 trillion or about Rs 100 lakh crore in 2017, revealed the data. "No "BLACK" in Swiss Banks!(sic)" Gandhi said on Twitter, tagging a media report on the matter.


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