New Delhi:
After the Supreme Court's bare criticism of the government's approach to recovering black money, the Prime Minister has stepped in.
At his first meeting of his new Cabinet, the PM reportedly raised the issue of black money and asked Finance Minister Pranab Mukherjee to hold a public, detailed brief on the government's strategy to uncover and recover black money stashed abroad.
Yesterday, the Supreme Court said, "It is a pure and simple theft of national money. We are talking about a mind-boggling crime, not niceties of various treaties... This is plunder of the nation."
The case in court is based on a petition filed by a group of people including former Law Minister Ram Jethmalani which asks that black money be retrieved from foreign banks. The government has presented to the Supreme Court a list of 26 Indians who hold accounts in the Liechtenstein Bank in Germany. However, it has said these names cannot be made public because that would violate the terms and conditions of a treaty with Germany. The court indicated its deep dissatisfaction with this approach.
At the Cabinet meeting today, the Finance Minister listed the measures the government is taking to track down the thousands of crores that have been parked abroad by Indians evading tax. Railways Minister Mamata Banerjee urged the government to explain the UPA's efforts to counter black money.
One major achievement has been a treaty with the Swiss that could deter future tax evaders. Expected to be introduced soon, the treaty will give India some room to push for information on accounts held by Indians in Switzerland despite the largely-impenetrable secrecy of banks there.
The black money debate has given the Opposition another missile in its raging attack against the government over corruption. "The Supreme Court said its plunder of the country. How can they not reveal the names of those who've stolen from our country?" said L K Advani at a rally today.
At his first meeting of his new Cabinet, the PM reportedly raised the issue of black money and asked Finance Minister Pranab Mukherjee to hold a public, detailed brief on the government's strategy to uncover and recover black money stashed abroad.
Yesterday, the Supreme Court said, "It is a pure and simple theft of national money. We are talking about a mind-boggling crime, not niceties of various treaties... This is plunder of the nation."
The case in court is based on a petition filed by a group of people including former Law Minister Ram Jethmalani which asks that black money be retrieved from foreign banks. The government has presented to the Supreme Court a list of 26 Indians who hold accounts in the Liechtenstein Bank in Germany. However, it has said these names cannot be made public because that would violate the terms and conditions of a treaty with Germany. The court indicated its deep dissatisfaction with this approach.
At the Cabinet meeting today, the Finance Minister listed the measures the government is taking to track down the thousands of crores that have been parked abroad by Indians evading tax. Railways Minister Mamata Banerjee urged the government to explain the UPA's efforts to counter black money.
One major achievement has been a treaty with the Swiss that could deter future tax evaders. Expected to be introduced soon, the treaty will give India some room to push for information on accounts held by Indians in Switzerland despite the largely-impenetrable secrecy of banks there.
The black money debate has given the Opposition another missile in its raging attack against the government over corruption. "The Supreme Court said its plunder of the country. How can they not reveal the names of those who've stolen from our country?" said L K Advani at a rally today.
Track Latest News Live on NDTV.com and get news updates from India and around the world
