Will get black money data from Switzerland by next year: India

New Delhi : India will get all data on black money from Switzerland by the end of next year (2019), said Union Minister Piyush Goyal.

The statement comes a day after the central European nation released data that showed money parked by Indians in Swiss banks rose over 50 per cent to 1.01 billion Swiss francs (Rs. 7,000 crore) in 2017.

"We will have all the info and if anybody is found guilty, strict action will be taken," Piyush Goyal said in a press conference at 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 interim 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?" Mr Goyal said, referring to the report.

In November 2016, the government had withdrawn high-value currency notes from circulation overnight. Prime Minister Narendra Modi has 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.