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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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7 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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Supreme Court questions Centre on inclusion of non-Muslims in Waqf Council

The Supreme Court on Tuesday posed tough questions to the Centre regarding the Waqf Amendment Act, particularly its stance on religious representation and land classification provisions.

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1 hour ago

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April 16, 2025

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The Supreme Court of India, during a hearing on petitions challenging the Waqf Amendment Act, raised pointed questions to the Central government, specifically regarding the inclusion of non-Muslims in the Central Waqf Council. The bench asked whether a reciprocal arrangement—such as allowing Muslims to be part of Hindu religious boards—would be acceptable.

A bench headed by Chief Justice Sanjiv Khanna, along with Justices Sanjay Kumar and KV Vishwanathan, was hearing 73 petitions questioning the constitutional validity of the amended Waqf Act. The new legislation has been the subject of protests in various regions, mainly due to its redefined provisions, including the controversial concept of ‘Waqf by user’.

At the beginning of the session, the Chief Justice sought clarity from the petitioners on two fronts: whether the case should be sent to a High Court and what specific legal arguments they aimed to raise in the Supreme Court.

Senior Advocate Kapil Sibal, representing one of the petitioners, argued that several provisions of the amended law infringe upon Article 26 of the Indian Constitution, which guarantees the right to manage one’s own religious affairs. He particularly criticized the extensive powers granted to the Collector under the new framework. According to Sibal, the Collector, being a government functionary, cannot also serve a quasi-judicial role, as it undermines the principle of separation of powers.

He also raised objections to the ‘Waqf by user’ provision—where a property may be declared as Waqf based solely on prolonged religious or charitable use, without formal documentation. While the amended Act now exempts disputed or government lands from being automatically classified as Waqf, the clause remains contentious.

The court’s query about the possible inclusion of Muslims on Hindu religious boards drew attention to what it called a lack of parity in religious governance. The top court hinted at the need for a balanced and non-discriminatory approach if religious representation is to be redefined through legislative changes.

The matter continues to evolve, with the Supreme Court yet to decide whether it will take up the entire batch of petitions or refer them to a High Court.

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21 police personnel injured in mob violence during Nashik dargah demolition

21 police officers were injured and 15 people detained after violence erupted during a high court-directed demolition of an unauthorised dargah in Nashik’s Kathe Galli area.

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2 hours ago

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April 16, 2025

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Police vehicles damaged during Nashik demolition violence

In a violent turn of events during an anti-encroachment drive, 21 police personnel sustained injuries and three police vehicles were damaged in Nashik’s Kathe Galli area late Tuesday night. The incident occurred when a mob resisted the demolition of the unauthorised Satpeer Baba Dargah, which was being removed in compliance with a Bombay High Court directive.

Police resort to teargas and lathi-charge to restore order

According to Nashik Police Commissioner Sandeep Karnik, the situation escalated when a large crowd assembled at Usmania Chowk to oppose the dargah’s removal. The trustees of the religious structure had already begun the process of dismantling the structure earlier that night, but the gathering quickly turned violent, with stone-pelting directed at police and community leaders attempting to calm the crowd.

To disperse the mob, police deployed mild force, including lathi-charge and teargas shells. Despite the violence, authorities brought the situation under control by early morning, and the dargah was successfully removed around 6 am on Wednesday.

15 detained, 57 motorcycles seized; FIR process underway

Deputy Commissioner of Police Kirankumar Chavan confirmed that 15 individuals have been detained in connection with the violence. Additionally, 57 motorcycles believed to belong to suspects have been seized. An FIR is being filed against those responsible for the attacks.

Nearly 50 municipal personnel from the Nashik Municipal Corporation (NMC) participated in the demolition, aided by four excavators, six trucks, and two dumpers. Civic officials stated that the drive was a continuation of previous actions taken in February, during which several unauthorised structures around the dargah were removed.

Tensions over the site

The Satpeer Baba Dargah had been at the center of local controversy, with some residents and members of Hindu outfits previously demanding its removal, claiming it was an illegal structure. Nashik Central MLA Devyani Pharande had also raised concerns, stating that earlier demolition efforts were incomplete and that the site should be entirely cleared.

As of now, police officials report that the situation in the area remains peaceful and under control.

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National Herald row reignites BJP-Congress face-off amid ED chargesheet

BJP has reignited its attack on the Gandhi family, accusing them of a corporate conspiracy in the National Herald case, while Congress dismisses the ED action as a political vendetta by the Modi government.

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April 16, 2025

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A political slugfest has erupted once again between the Bharatiya Janata Party (BJP) and the Congress following the Enforcement Directorate’s (ED) chargesheet naming Sonia Gandhi and Rahul Gandhi in the alleged money laundering case tied to the now-defunct National Herald newspaper. The BJP has termed the case a textbook example of “corporate conspiracy,” while the Congress has decried the move as an act of “political vendetta” by the Narendra Modi-led central government.

BJP questions Gandhi family’s property acquisition through Young India Ltd

Senior BJP leader Ravi Shankar Prasad, addressing a press briefing, accused the Congress of orchestrating a corporate arrangement to transfer property into the Gandhi family’s hands. He highlighted that in 2008, after the National Herald ceased publication, the Congress gave ₹90 crore to Associated Journals Limited (AJL), the newspaper’s publisher — a transaction he claims violates the norms as political parties are barred from funding private entities.

AJL reportedly failed to repay the loan, after which a non-profit entity, Young India Limited (YIL) — in which Sonia and Rahul Gandhi each hold a 38% stake — acquired the company’s shares and, by extension, its properties across several Indian cities. Mr. Prasad questioned YIL’s charitable work and highlighted that a token amount of ₹50 lakh was paid to AJL before the remaining loan was written off.

“This is the Gandhi model of development,” Prasad said, alleging that the arrangement enabled the Gandhi family to take control of property worth thousands of crores.

BJP expands attack to Robert Vadra

The BJP leader also took aim at Priyanka Gandhi Vadra’s husband, Robert Vadra, citing alleged irregularities in land transactions. “Another member buys land for ₹3 crore and sells it for ₹58 crore. The country should learn from this Gandhi model,” he remarked sarcastically.

Congress fights back, terms case a political smokescreen

The Congress has launched protests across the country in response to the BJP’s remarks and the ED’s chargesheet. Senior leader Pawan Khera likened the current actions to pre-Independence times, stating, “Back then, the British hated National Herald, the Gandhi family and the Congress — today the RSS has taken that place.”

Calling the case baseless, Congress leader Sachin Pilot said, “There has been no exchange of funds or transfer of property rights. This case is politically motivated, and the Modi government is attempting to silence the voice of the Opposition.” He affirmed that the party has full faith in the judiciary and will fight the case legally.

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