A day after the report arrived showing that the deposits by Indians in Swiss banks grew by 50%, the government began to defend the statistics. Finance Minister Piyush Godal has said that all the money in Swiss banks could not be presumed as black money. He further blamed his predecessor Chidambaram for such raise. According to Mr. Goyal the remittance scheme introduced by former Finance Minister P. Chidambaram is the reason for the raise in deposits. Arun Jaitley too has defended the Swiss money by saying that it could also be tax paid white money. However, many opposition leaders have blamed demonetisation as the root cause for the surge in the Swiss deposits.