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All money in Swiss bank not black, will get all black money data by 2019: Piyush Goel

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8 years ago

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All money in Swiss bank not black, will get all black money data by 2019: Piyush Goel

[vc_row][vc_column][vc_column_text]Attacked and mocked by Opposition and BJP leader Subramanian Swamy over report of 50% rise in money deposited by Indians in Swiss banks in 2017, acting finance minister in Narendra Modi government, Piyush Goyal came up with some dubious claims and promises on Friday, June 29.

He questioned how all the money could be assumed to be illegal and said India will get all data on black money from Switzerland by the end of fiscal 2019.

“We will have all the info and if anybody is found guilty, strict action will be taken,” Goyal told reporters in New Delhi. “Today, nobody has the guts to save money outside the country. And it has been possible only because of the government’s hard work,” the caretaker Finance Minister said.

“Agreement between India and Switzerland has this. From January 1, 2018 till end of accounting year (ends March 31, 2019), all data will be made available. Why assume this is black money or illegal transactions?” Piyush Goyal said, referring to the report.

Around 40 per cent of this money is because of the Liberalised Remittance Scheme (LRS), Goyal said. Under the scheme, an individual can remit up to USD 2,50,000 in a foreign account per year.

India has a treaty with Switzerland under which the Swiss government would provide all data from January 1, 2018 till December 31, 2018. India would get data as the accounting year ends, Goyal said.

“We will have all information. If someone is found guilty, the government will take strong action against them,” the Finance Minister said.

While Switzerland has already begun sharing foreign client details on evidence of wrongdoing provided by India and some other countries, it has agreed to further expand its cooperation on India’s fight against black money with a new pact for automatic information exchange.

India and Switzerland have held several rounds of discussions on the new framework on exchange of financial data, and also for fast-tracking exchange of pending information requests about suspected illegal accounts of Indians in Swiss banks.

About an hour after Piyush Goyal’s remarks, Congress president Rahul Gandhi took to Twitter to take a swipe at the Modi government over what he claimed was the government’s inability to win the fight against black money.[/vc_column_text][vc_raw_html]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[/vc_raw_html][vc_column_text]Data released by Swiss National Bank reveal that after declining for three successive years, money deposited by Indians in Swiss banks rose 50 per cent to CHF (Swiss Franc) 1.02 billion (Rs 7,000 crore) in 2017 over the previous year.

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, according to data released by the Swiss National Bank (SNB), the central banking authority of the Alpine nation.

Indian money in Swiss banks had fallen by 45 per cent in 2016, marking their biggest ever yearly plunge, to 676 million Swiss francs (Rs. 4,500 crore) – the lowest ever since Switzerland began making the data public in 1987.

In November 2016, the government had withdrawn high-value currency notes from circulation overnight. PM Minister Narendra Modi had said demonetisation would wipe out black money from the system.

The rupee has also been under severe stress. On Thursday, it breached the 69-mark against the US dollar for the first time, ending the day at an all-time low of 68.79.

The government came under severe attack from Opposition and BJP Rajya Sabha MP Subramanian Swamy.

BJP leader Subramanian Swamy hit out at the government for its failure in curbing generation of black money. Writing on his Twitter handle, Swamy said, “Secret Swiss bank accounts deposits from global sources rose by three per cent in last 12 months. Indians’ deposits however grew 50 per cent.”[/vc_column_text][vc_raw_html]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[/vc_raw_html][vc_column_text]The Congress in a tweet said, “One of PM Modi’s long-standing campaign promises of bringing back black money falls flat. While you sit and wait for your promised Rs 15 lakh, more capital has flown the coop.”

Congress leader and former Union minister Manish Tewari also hit out at the Centre.[/vc_column_text][vc_raw_html]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[/vc_raw_html][vc_column_text]Tweeting a caricature on the development, the Aam Aadmi Party said the black money parked in foreign lands will not return in PM Modi’s government.[/vc_column_text][vc_raw_html]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[/vc_raw_html][vc_column_text]General Secretary of the Communist Party of India (Marxist) Sitaram Yechury alleged that prime minister has no time or intention to remember the tall promises he made in 2014.

“From falsifying history to making new promises, Jumlaman has no time or intention to remember tall promises he made in 2014. From depositing 15 lakh in each bank account to making Rupee stronger to doubling farmers’ income, he has only insulted and humiliated us Indians,” he said in a tweet.

In another tweet, Yechury said the data is no surprise since the “Modi government writes off lakhs of crores of unpaid loans of crony corporate and businessmen flee India after looting public money under his watch”.[/vc_column_text][/vc_column][/vc_row]

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Ghaziabad schools, colleges to remain closed till August 12 for Kanwar Yatra

Ghaziabad has announced the closure of all schools, colleges and universities from August 4 to 12 due to the Kanwar Yatra. Scheduled examinations will continue as planned.

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4 hours ago

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August 3, 2026

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The Ghaziabad district administration has ordered the closure of all schools, colleges, universities and technical institutions from August 4 to August 12 due to the heavy movement of Kanwar pilgrims during the ongoing Kanwar Yatra.

According to the official order issued on Monday, schools from Nursery to Class 12 across all education boards, including Basic Education Council, Secondary Education Council, CBSE, ICSE and Madrasa Board, will remain closed during the period. The decision has been taken to ensure the safety of students amid increased traffic and large gatherings associated with the annual pilgrimage.

The administration has clarified that while educational institutions will remain closed, examinations scheduled during this period will be conducted as per the existing timetable.

Shravan Shivratri to be observed on August 11

The District School Inspector, in an official circular, noted that the main festival of Shravan Shivratri will be celebrated in the district on August 11, 2026. With a large number of Kanwar pilgrims travelling through Ghaziabad since the beginning of the Shravan month on July 30, authorities have imposed the temporary closure as a precautionary measure.

The official order states that the closure applies to all government and private schools affiliated with various education boards across the district.

Colleges, universities also covered

The notification further states that all government and private colleges, universities and technical institutions in Ghaziabad will remain closed from August 4 to August 12. However, institutions conducting previously scheduled examinations have been permitted to hold them as per the announced examination schedule.

The administration has advised educational institutions to comply with the order and ensure the safety of students during the Kanwar Yatra period.

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Parliament panel seeks Zuckerberg’s apology over PM Modi video removal, questions Meta’s accountability

The Parliamentary Standing Committee on IT has sought an apology from Meta chief Mark Zuckerberg over the temporary removal of Prime Minister Narendra Modi’s Facebook video, while raising concerns over accountability, algorithmic bias and safe harbour protection.

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4 hours ago

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August 3, 2026

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The Parliamentary Standing Committee on Information Technology has sought an apology from Meta chief Mark Zuckerberg over the temporary removal of Prime Minister Narendra Modi’s Facebook video, saying that a simple expression of regret would not be enough unless accountability is fixed.

The committee, chaired by BJP MP Nishikant Dubey, met representatives of Meta, Google, YouTube, senior officials from the Ministry of Electronics and Information Technology (MeitY), and the Union Home Ministry to discuss issues related to social media regulation, algorithmic transparency and platform accountability.

Panel demands accountability over PM Modi video removal

During the meeting, members questioned Meta over the removal of a Facebook video in which Prime Minister Narendra Modi addressed young people and promised strict action against exam paper leaks.

According to sources, committee members asked who was responsible for taking down the video and why it was removed while other objectionable content remained on the platform. Meta reportedly expressed regret over the incident and offered an apology.

However, members of the panel maintained that the matter should not end with an apology alone. They said responsibility for the lapse must be established and legal action should be considered wherever required.

The committee also questioned what safeguards ordinary Indian users have if the Prime Minister’s content could be removed in such a manner.

Nishikant Dubey warns over safe harbour protection

Speaking after the meeting, Nishikant Dubey said Mark Zuckerberg should personally apologise for the incident.

He also warned that if such an apology is not forthcoming, Meta’s “safe harbour” protection could come under scrutiny. Safe harbour provisions protect online platforms from liability for third-party content, provided they comply with due diligence requirements under Indian law.

Dubey further claimed that the Prime Minister’s video remained unavailable for around five hours and described the matter as serious.

Panel raises concerns over algorithms and child safety

Apart from the video controversy, the committee also questioned Meta over alleged algorithmic bias and the way content is promoted on social media platforms.

Dubey said the committee unanimously discussed concerns regarding algorithm-driven reach and claimed that newer or unregistered groups were receiving greater visibility than recognised political parties. He said understanding how platforms determine content reach was important for the country.

The meeting also included discussions on child sexual abuse material (CSAM) and the responsibilities of social media companies in preventing such content from appearing on their platforms.

MeitY had earlier questioned Meta’s explanation

Last week, MeitY had summoned Meta’s global team over issues related to algorithmic bias, platform processes and their potential impact on public order.

Meta had attributed the temporary removal of the Prime Minister’s video to a technical glitch. However, according to sources, the ministry considered the explanation inadequate.

Separately, Hyderabad Cyber Crime Police have registered cases against Meta India head Arun Srinivas and certain Facebook and Instagram accounts over allegedly morphed and AI-generated posts targeting Prime Minister Narendra Modi.

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Prashant Kishor wins Bankipur bypoll, secures first electoral victory in BJP bastion

Prashant Kishor won the Bankipur Assembly bypoll in Bihar by defeating BJP candidate Neeraj Kumar by 19,324 votes. The victory marks Kishor’s first electoral success and Jan Suraaj’s maiden Assembly seat.

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August 3, 2026

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Jan Suraaj chief Prashant Kishore

Jan Suraaj Party (JSP) founder Prashant Kishor has registered his maiden electoral victory by winning the Bankipur Assembly bypoll in Bihar, ending the BJP’s long dominance in the constituency. The former election strategist defeated BJP candidate Neeraj Kumar by a margin of 19,324 votes, marking the first Assembly seat won by both Kishor and his party.

According to Election Commission data, Kishor secured 64,151 votes, while Neeraj Kumar polled 44,827 votes. Rashtriya Janata Dal (RJD) candidate Rekha Kumari finished third with 14,273 votes.

Prashant Kishor promises visible changes in Bankipur

After the victory, Prashant Kishor thanked the voters and assured them that development work would begin immediately.

Addressing reporters, he said people would witness visible changes in Bankipur within three months and requested residents to give him that time. He also said his office would remain open not only for the people of Bankipur but for everyone in Bihar.

Kishor described the victory as significant, saying his party had managed to end what he called the BJP’s three-decade hold over the constituency in just 30 days of campaigning.

Says Bihar voters have sent a message to BJP

Speaking after the results, Kishor said the people of Bihar had conveyed a message to the BJP’s central leadership that the state needed a chief minister focused on improving education and creating employment opportunities. He also said voters wanted leadership with a clean public image.

Bihar Chief Minister congratulates Kishor

Bihar Chief Minister Samrat Choudhary congratulated Prashant Kishor on his victory through a post on X.

He said the people had chosen Jan Suraaj in the Bankipur Assembly by-election and extended his congratulations while respecting the democratic verdict.

Why the Bankipur bypoll drew national attention

The Bankipur by-election attracted national attention for several reasons. The constituency has long been considered a BJP stronghold and was represented for multiple terms by senior BJP leader Nitin Nabin, who vacated the seat after moving to the Rajya Sabha.

The contest also gained prominence after Prashant Kishor entered the fray and came in the backdrop of nationwide student protests centred around education-related issues. Political observers had closely watched whether young voters would influence the outcome in the urban Patna constituency.

The BJP also witnessed a last-minute change in candidate after Abhishek Kumar Sinha withdrew before filing his nomination, following which the party fielded youth wing leader Neeraj Kumar. The RJD nominated Rekha Kumari.

Jan Suraaj opens its electoral account

The victory marks a milestone for the Jan Suraaj Party, which had failed to win any seats in the 2025 Bihar Assembly election. Kishor himself had not contested that election.

With the Bankipur result, Jan Suraaj has opened its electoral account, while Kishor has entered the Bihar Assembly for the first time.

Reacting to the outcome, Jan Suraaj’s Bihar chief Manoj Bharti said the people of Bankipur had voted for change. He claimed the party received support across different sections of society and thanked what he described as the party’s “silent voters” for helping secure the victory.

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