New Delhi: In a strong rebuttal to Congress’ recent claims about rising black money in foreign accounts, the Bharatiya Janata Party (BJP) on Saturday said that illicit deposits by Indian nationals in Swiss banks have plunged by nearly 80% over the past decade, proving the Opposition’s accusations as “deliberately misleading.”
Highlighting the data in a post tagged ‘Fake Narrative Alert’, BJP’s National IT Department head Amit Malviya said:
“In 2024, deposits by Indian nationals stood at just 346 million Swiss Francs – nearly 80% lower than the 1,656 million Francs recorded in 2013.“
Calling out the Congress party’s official media handle for spreading what he described as “blatant misinformation”, Malviya, a former banker himself, clarified that the Swiss National Bank (SNB) report was being misinterpreted to fuel political propaganda.
“Congress’s claim that black money in Swiss banks has tripled is not just wrong — it’s deliberately misleading. Let’s stick to facts, not fake headlines,” he said.
Malviya explained that the SNB report clearly distinguishes between two different categories:
- Amounts due to Indian banks (inter-bank transactions), and Deposits by Indian nationals (individual account holdings that are often at the heart of the black money debate).
He noted that the sharp increase in “amounts due to Indian banks” – from 427 million to 3,022 million Swiss Francs – was a routine banking operation, not evidence of hidden wealth.
“These are normal inter-bank transactions and have no link to black money. The deposits held by individuals – the real focus in black money discussions – have actually dropped massively under the Modi government,” he added.
The BJP said the data vindicates its stand that the Modi-led NDA government has cracked down effectively on unaccounted wealth, both at home and abroad, through initiatives like tax reforms, information-sharing treaties, and stricter banking oversight.
