Action on Indian Black Money: Arun Jaitley

New Delhi, July 18.2014: The Indian government has started proceedings against citizens who are ill-gotten money stashed away abroad, as well as the Special Investigation Team (SIT) to look at how to get it back, Arun Jaitley Finance Minister said in parliament on Friday.

India-Black-Money in swiss bank

India-Black-Money in swiss bank

“We are in the process of interacting with the Swiss authorities is possible that the parameters of the law, we will do,” said to Lok Sabha, the lower house during question hour.

He said the matter was opened to foreign accounts without seeking any permission from the Reserve Bank of India.

“There is a difference between legal and illegal foreign accounts that relate to these accounts, which are illegally kept, we seek the cooperation, Jaitley said, referring to the exchange of information with the Swiss authorities.

Although there are no official estimates of the ill-gotten money stashed away by Indian citizens in tax havens abroad, in various studies, including one cited by senior BJP leader, value it at between $462 billion and $1.4 trillion.

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