(Image source from: Indiablooms)

Minister of Finance of India Piyush Goyal today in response to the data released by Swiss National Bank on Thursday said that Rs. 1.5 crore is lawfully allowed to be sent outside India and the jump in deposits is not unprecedented. The data shows that in over year there is an increase of over 50 percent in money deposited by Indian in Swiss banks.

He said that due to the understanding between India and Switzerland, Swiss banks will share all inside information of financial data of Indian nationals at the end of financial year.

"The government is keeping a close eye. If black money is found in Swiss banks then the government will take appropriate action. India and Switzerland signed an agreement to release all tax-related transactions from January 2018," Goyal told media today.

This is the initial statement from the government since the breakout of information on money Swiss banks. The money parked by Indians in Swiss banks rose over 50 percent in 2017 to Rs. 7,000 crore.

"Agreement between India and Switzerland has this. From January 1, 2018, till the end of accounting year, all data will be made available. Why assume this is black money or illegal transactions?" Goyal said in the report.

Goyal also told media that there is no need for "knee-jerk reactions" on the rupee front. "Today our micro-economic fundamentals are very strong, forex reserve is at comfortable $42.5 billion, the fiscal deficit is down from 4.5 percent to 3.5 percent," Goyal said.

"You must not forget rupee status in 2013 when the rupee value went up to 68/69 against the dollar," Goyal said.

He further stated that the weakening of rupee is due to international situations like the rise in crude oil and hardening of tax rates by the U.S.

By Sowmya Sangam