Thread by @rachitseth

#Thread #BlackMoneyCrackdown
Exposing @PiyushGoyal's Fake Data on Deposits in Swiss Banks 1/

#BlackMoneyCrackdown
Most credible information to ascertain the deposits in Swiss Bank accounts is the data which Swiss National Bank (SNB) releases every year, but @PiyushGoyal is flashing BIS data which he conveniently quotes only till Q4 of 2017
What about Q1 of 2018? 1/

Q1 Data of 2018, According to BIS is ₹3,543 Cr (when converted from the Swiss Currency), up by 23% from ₹2,889 in Q4 Data of 2017.

That means, this year Deposits in Swiss Banks have increased.

Source: stats.bis.org/#df=BIS:WEBSTA… 2/

(BIS) clearly states in their disclaimer that “it does not warrant or guarantee the accuracy, completeness or fitness for purpose of any information or material on this website”, Therefore BIS data should be still taken with a pinch of salt.

3/

In the past, whenever Shri Modi or the BJP quoted Swiss Bank data, they used to refer to SNB instead of BIS. Why are they now relying on BIS now? 4/

It is important to note that BIS data does not include non-deposit liabilities like mutual funds, bonds, debentures etc of Swiss Banks towards Indian Nationals which was included in SNB Data. Hence Data reflected in BIS would be less than SNB 5/

Congress presented a ‘White Paper’ on Black Money whereby it tracked down ₹1,30,800 Cr of Black Money in its last two years of its Govt. So Modi Govt’s so called fight against ‘Black Money is nothing but ‘Headlines Management’ & ‘Fake Stories’ planted in the media 6/

Congress-UPA Govt had in 2011 commissioned studies to ascertain quantum of Black Money held by Indians inside the country and abroad by 3 well established institutes- NIPFP, NCAER, NIFM.

But Modi Govt is not revealing this data too. 7/

In reply in the Lok Sabha dated 20th July, 2018 (Unstarred Question 535) - Modi Govt’s MoS Finance, Shri Shiv Pratap Shukla quotes the 29th June, 2018 media reports about 50% Increase of Deposits in Swiss Banks.
Rahul Gandhi refered to the same while speaking in Parliament 8/

Congress signed a protocol for amending Double Tax Avoidance Agreement on 28 August 2010 timesofindia.indiatimes.com/business/india…
Switzerland was obliged to provide banking info in specific cases that relate to the period starting from 1 April 2011, with certain retrospective applications. 9/

ICJ exposed 1214 names in Panama Papers & Paradise Papers.
Not a single Tax offender arrested.
Modi failed to act against dubious account holders in LGT Bank in tax haven of Liechtenstein.
Instead, Modi brings 2 'Fair & Lovely Schemes' to convert Black Money into White 10/