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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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Amit Shah counters delimitation concerns, says southern states to gain Lok Sabha seats

Amit Shah assures Parliament that southern states will gain Lok Sabha seats after delimitation, countering opposition criticism during the women’s reservation debate.

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8 hours ago

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April 16, 2026

By

Amit Shah

Union Home Minister Amit Shah on Thursday addressed concerns over the proposed delimitation exercise, asserting in the Lok Sabha that southern states will not lose representation but instead see an increase in their number of seats.

His remarks came during a heated debate linked to the implementation of women’s reservation, where opposition parties have raised fears that population-based delimitation could reduce the political weight of southern states.

Shah rejected these claims, calling them misleading, and said the proposed framework ensures fairness while expanding the overall strength of the Lok Sabha.

Seat count to rise with expansion of Lok Sabha

The government has indicated that the total number of Lok Sabha seats could increase significantly as part of the delimitation process. In this expanded House, the combined representation of southern states is expected to rise from 129 seats at present to around 195 seats.

Shah emphasised that no state will lose seats in absolute terms, and the exercise is designed to reflect population changes while maintaining balance across regions.

State-wise projections shared in Parliament

During his address, Shah also provided indicative figures for individual southern states, suggesting notable increases in representation. According to the projections:

  • Tamil Nadu could see its seats rise substantially
  • Kerala, Telangana, and Andhra Pradesh are also expected to gain additional seats
  • Karnataka’s representation may increase as well

These figures were presented to counter the argument that delimitation would disproportionately favour northern states.

Political debate intensifies over linkage with women’s quota

The delimitation exercise has been closely linked to the rollout of women’s reservation, which proposes one-third seats for women in Parliament and state assemblies.

Opposition leaders have questioned this linkage, arguing that tying reservation to delimitation could delay its implementation and raise federal concerns. Some leaders have also warned that the move could impact national unity if apprehensions among states are not addressed.

The government, however, maintains that the reforms are necessary to ensure equitable representation and to align the electoral system with demographic realities.

Centre dismisses ‘false narrative’ on southern states

Shah reiterated that concerns about southern states losing influence are unfounded. He said the delimitation process will increase representation across regions and described the criticism as a “false narrative” aimed at creating confusion.

The issue is expected to remain a key flashpoint as Parliament continues discussions on the women’s reservation framework and related legislative changes.

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PM Modi assures no discrimination in women’s quota, delimitation debate intensifies in Parliament

PM Narendra Modi has assured that women’s reservation will be implemented without discrimination, amid a heated debate over delimitation in Parliament.

Published

15 hours ago

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April 16, 2026

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PM modi

Prime Minister Narendra Modi has assured that there will be no discrimination in the implementation of women’s reservation, as Parliament witnessed a sharp debate over the proposed linkage between the quota and delimitation exercise.

During the ongoing special session, the government reiterated its commitment to ensuring fair representation while addressing concerns raised by opposition parties regarding the timing and structure of the legislation.

The proposed framework aims to reserve 33 percent of seats for women in the Lok Sabha and state assemblies. However, its implementation is tied to a fresh delimitation exercise, which is expected after the next census.

Opposition questions timing and intent

Opposition leaders have raised concerns that linking the women’s quota to delimitation could delay its implementation. They argue that the process of redrawing constituencies may push the actual rollout further into the future.

The issue has triggered a broader political confrontation, with multiple parties questioning whether the move could alter representation across states.

Some critics have also alleged that the delimitation exercise could disproportionately benefit certain regions based on population, a charge the government has rejected.

Government reiterates commitment to fair implementation

Responding to these concerns, the Centre has maintained that the reforms are necessary to ensure accurate and updated representation based on population data.

Leaders from the ruling side have repeatedly emphasized that the process will be carried out transparently and without bias. The assurance that there will be “no discrimination” is aimed at addressing fears among states and opposition parties.

The debate marks a key moment in Parliament, with both sides engaging in intense exchanges over one of the most significant electoral reforms in recent years.

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Give all tickets to Muslim women, Amit Shah says, attacking Akhilesh Yadav on sub-quota demand

A sharp exchange between Amit Shah and Akhilesh Yadav in Parliament over sub-quota for Muslim women highlights key divisions on women’s reservation implementation.

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17 hours ago

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April 16, 2026

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A heated exchange broke out in Parliament during discussions on the women’s reservation framework, with Union Home Minister Amit Shah and Samajwadi Party chief Akhilesh Yadav locking horns over the demand for a sub-quota for Muslim women.

The debate unfolded as the government pushed forward key legislative measures to implement 33% reservation for women in the Lok Sabha and state assemblies.

Akhilesh Yadav argued that the proposed reservation must ensure representation for women from marginalised communities, including Other Backward Classes (OBCs) and Muslim women. He said that without such provisions, large sections could remain excluded from political participation.

He also questioned the timing of the bill, alleging that the Centre was avoiding a caste census. According to him, a census would lead to renewed demands for caste-based reservations, which the government is reluctant to address.

Government rejects religion-based quota

Responding to the demand, Amit Shah made it clear that reservation based on religion is not permitted under the Constitution.

He stated that any proposal to provide quota to Muslims on religious grounds would be unconstitutional, firmly rejecting the idea of a separate sub-quota for Muslim women within the broader reservation framework.

The government has maintained that the existing framework already includes provisions for Scheduled Castes (SC) and Scheduled Tribes (ST) women within the overall reservation structure.

Wider political divide over implementation

The issue of sub-categorisation within the women’s quota has emerged as a major flashpoint, even as most opposition parties broadly support the idea of women’s reservation.

Samajwadi Party leaders reiterated that their support for the bill depends on inclusion of OBC and minority women, while the government continues to defend its constitutional position.

The debate is part of a broader discussion during the special Parliament session, where multiple bills linked to delimitation and implementation of the women’s quota are being taken up.

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