Indian Money Jumps In Swiss Banks, What Does It Mean

Lokmat

Watch Indian Money Jumps In Swiss Banks, What Does It Mean - Lokmat on Dailymotion

Transcript

00:00Remember that famous line from 2014?

00:02We will bring back all the black money from Swiss banks

00:05and deposit Rs 15 lakh into every Indian's account.

00:30It wasn't just a campaign line, it became an emotion, an aspiration.

00:59For years, Swiss bank accounts were seen as the secret vaults

01:02where India's stolen wealth was kept.

01:05Every protest, every news debate and every political rally

01:09had one common villain, the Swiss bank account.

01:12Hello, my name is Tejas and you're watching Honest Take on Lokhmut Times.

01:17In today's show, we are discussing the massive increase in Indian deposits in the Swiss bank.

01:22But before that, please do subscribe to our channel if you haven't already

01:25and press the bell icon to continue watching such interesting and informative stories.

01:30So let's start.

01:31Before 2014, the UPA government was hammered with allegations

01:36that it had failed to recover black money stashed abroad.

01:39Protesters, activists and even yoga gurus were on the streets.

01:43Reports claimed Indians were among the biggest depositors of illegal wealth in Swiss banks.

01:49Though Swiss authorities denied those claims, the damage was already done.

01:54Public anger was real.

01:55The BJP took that frustration, added a promise of Rs 15 lakh per citizen

02:00and converted it into a national movement.

02:03The message was simple.

02:04Congress looted, BJP will recover.

02:07But 10 years later, the reality is ironic.

02:10According to the 2024 report of the Swiss National Bank,

02:14Indian money in Swiss banks has tripled in just one year, reaching nearly Rs 37,600 crore.

02:21Yes, you heard that right.

02:23The very vaults that were supposed to be emptied by now are overflowing once again.

02:28And this isn't a small jump.

02:30It's the highest level since 2021.

02:32Now before we jump to conclusions, let's understand what this number actually means.

02:37Does it mean Rs 37,600 crore of black money has secretly gone abroad again?

02:43Not quite.

02:43The Swiss authorities have clearly explained that this amount includes all the liabilities

02:48of Swiss banks towards Indian clients.

02:51And that includes individuals, companies, Indian banks and institutional investors.

02:57In fact, only around Rs 3,675 crore or about 10% is in individual customer accounts.

03:04The remaining 90% comes from institutional and interbank flows.

03:08Things like Indian banks doing business through Swiss counterparts

03:12or companies temporarily parking funds for international transactions.

03:16In simple words, most of this money is legal, visible and likely declared.

03:21So no, it's not all black money.

03:23But here is the twist.

03:25Back in 2011 and 2014, when similar figures were being discussed, though slightly higher,

03:31the BJP and its supporters did not make these nuanced explanations.

03:35Back then, every rupee in a Swiss bank account was projected as stolen from the people of India.

03:41That's what created the Rs 15 lakh expectation in the first place.

03:45And that's what makes this increase in 2024 worth talking about.

03:49Not because the money itself is necessarily illegal, but because of the political hypocrisy surrounding it.

03:55The Modi government has taken many steps since 2014.

03:59From demonetization, which was supposed to flush out black money,

04:02to signing an automatic information sharing agreement with Switzerland in 2018.

04:07From September 2019 onwards, India has been receiving annual data on Indian residents who have Swiss accounts.

04:14And yes, multiple cases of financial irregularities have been opened based on this information.

04:20In many ways, these are significant reforms.

04:23The transparency is now better and hiding money abroad is not as easy as it used to be.

04:29But there is the problem.

04:30If the process is better, why are the numbers still rising?

04:34If black money is truly being tackled, why is Indian money in Swiss banks not going down?

04:40Supporters of the government argue, this is clean business-related money.

04:45It's not like the old days.

04:47Critics reply, then why did you use Swiss banks as a political weapon in 2014?

04:52If it has always been about legal money, then wasn't the Rs 15 lakh promise based on a lie?

04:58This is where the conversation gets uncomfortable for both sides.

05:02Because the truth is, neither Congress nor BJP has been fully honest with the public.

05:08Both have played politics with the issue.

05:10And both have taken credit for small wins while avoiding real accountability.

05:15Let's also not forget, the government has received several lists of Indian account holders abroad

05:21from countries like Switzerland, Germany, France.

05:25But very few names have been made public and almost no major conviction has happened.

05:31The studies on black money that were commissioned after 2014 were never published fully.

05:36So while the narrative may have changed, the secrecy continues.

05:41In 2006, Indian money in Swiss banks was around 6.5 million Swiss francs.

05:46That's even higher than today.

05:48But back then, no one cared.

05:50In 2011 and 2013, the numbers came down slightly.

05:54But the outrage exploded.

05:55Today in 2024, when the number is up again, the outrage is missing.

06:00Why?

06:01Because those who once dreamed about Swiss banks are now in power.

06:05And now, the same story is being repackaged with technical terms like interbank flows,

06:10fiduciary instruments, and non-individual deposits.

06:14They are not wrong, but they are being selective.

06:17So what should we, the public, take away from all this?

06:21First, don't believe every rupee in a Swiss account is black money.

06:25That's just not true anymore.

06:27Second, don't believe that the problem has been solved either.

06:31Just because there is a legal process, doesn't mean the fight against illicit wealth is over.

06:37And third, don't let political parties get away with weaponizing serious issues

06:42during the elections and then backtracking later using jargon.

06:46Because the issue isn't just about Swiss banks.

06:48It is about trust.

06:49It's about how public anger was used to win votes

06:52and how silence is now being used to avoid questions.

06:56So the next time you hear a new report about Swiss bank deposits rising,

07:00don't panic.

07:01But don't stay silent either.

07:03Ask the right questions.

07:04Ask what happened to the names.

07:07Ask what actions were taken.

07:09Ask whether rupees 15 lakh was ever a realistic promise

07:12or just a rhetorical tool, a jumla.

07:15Because here is the honest truth.

07:17Money might move in and out of Swiss banks.

07:19But trust, once broken, is hard to bring back.

07:23This was your honest take with me Tejas for this day.

07:25Stay sharp, stay curious and don't stop asking tough questions.

07:29Because in Indian politics, what's visible is often not the whole story.

Category

Transcript

Be the first to comment

Recommended