Will the huge increase in Indians' money in Swiss banks come out?

- The flight of money abroad raises many questions even though the country's banks are capable

The amount of money deposited by Indians in Swiss banks has increased by 8% in a single year to Rs 20,200 crore. In 2016, this figure was Rs 3 crore. The issue of black money and corruption has resurfaced in the country as the number of deposits in Swiss banks by Indian individuals and companies in various forms reached a 13-year high in 2020. There is also a demand for the government to reveal the real facts on this issue. The current government came to power for the first time during the 2014 Lok Sabha elections by raising the issue of black money and corruption. The political parties that raised the issue of black money to gain power are re-emerging under their own rule. The policy behind depositing money in foreign banks is questionable when our country's banks are capable. The place of origin of the money of Indians lying in foreign banks needs to be investigated so that it can be ascertained whether it is real earnings or money obtained through corruption.

On November 9, 2016, Prime Minister Narendra Modi, through an announcement, abruptly withdrew Rs 500 and Rs 1,000 currency notes in the country, shocking the people of the country, especially black money holders. As a result of this announcement, 3% of the country's financial system was withdrawn from the currency. It was also said at the time that the decision was taken as part of measures to eradicate black money and corruption from the country. The demonetisation was expected to bring out a large amount of black money in the country, but it turned out that the holders of black money had tried many tricks to get rid of the black money they had, as the four-eyed thief said.

More than four years have passed since the decision to ban banknotes, but no exact figure has yet emerged as to how much black money was actually seized or destroyed.

As the current central government completes the first five years of its rule and the second two years of its rule, the question of what happened to the people's promise to bring back the black money in a hundred days has come to the minds of the people - following a Swiss bank report. It is natural to reappear. An earlier leaked Panama Paper had revealed that many Indians had lost money abroad, but no serious effort was seen on that front.

When talking about bringing back black money in the election campaign, our politicians forget that a huge amount of cash is spent during elections. It is unknown at this time what he will do after leaving the post. The Coal Scandal, the 2G scandal, the Commonwealth Games and the Augusta Westland helicopter deal. The cashless economy was also heavily promoted to curb cash transactions in the country after the ban and there was an increase in cashless transactions due to the shortage of cash during the period of demonetisation. Nowadays in the Corona era people have chosen to have more and more cash in hand. It is true that cashless transactions have become a compulsion in Corona's time, so it has increased, but it remains to be seen how long this increase will last in Corona's post-Corona era. Cash transactions are the source of black money.

The government had consulted with Switzerland on the issue and agreed to provide the information, citing the fact that the proceeds from India were being deposited in Swiss banks, but did not appear to be generous in providing information. Even if the Swiss authorities may be giving information, it would not be surprising if the current government adopts an approach similar to that of the holders of this money, Teri Bhi Chup Meri Bhi Chup. It is said that most of the money that is deposited in Swiss banks belongs to the country's politicians, businessmen and bureaucrats, so it is only natural that Swiss MPs or businessmen should take care of their counterparts in the world. It is unknown at this time what he will do after leaving the post.

Some plans were also unveiled to bring out the black money stashed in the country and abroad, according to the latest figures released by the Swiss National Bank. While it is clear that the current government, which is currently in power by talking about bringing out black money, will have to give an account of the black money to the voters of the country today or tomorrow, expect the government to present the truth to the public instead of covering up the Swiss banks report. It will not be easy to save.