Union Minister Arun Jaitley today said, Indians having illegal accounts in Swiss banks will be subjected to harsh penal provisions of black money law in India.

He said that any Indian illegal depositors in the Swiss banks know that it is a matter of months before his name becomes public as the time flow of information with regard to Indians will be made from January next year.

Mr Jaitley said the person, whose name will be out, will be subjected to harsh penal provisions of the Black money law in India.

In a Facebook post, Mr Jaitley said, Switzerland in financial disclosures was always a reluctant state but now the situation has changed.

He said, Switzerland has entered into several bilateral treaties including with India for making disclosures to requesting states and it has also amended its domestic laws involving all disclosures.

Mr Jaitley’s reaction has come following media reports that money parked by Indians in Swiss banks rose over 40 per cent in 2017.