By filing the affidavit the government has effectively showed that it is working towards bringing back the money by taking all steps to bring back the money cached abroad in secret accounts of foreign banks.
The affidavit came in response to a PIL filed by former Law Minister and jurist Ram Jethmalani along with five others who have been waiting on the government to take steps to bring back the money.
When a Bench headed by Chief Justice K G Balakrishnan was presented with the petition on Apr 22, Additional Solicitor General (ASG) Gopal Subramanium raised the issue of appropriateness of timing as the country was to face elections.
The apex court posted the matter for hearing on May 4 after the ASG had promised to file the affidavit within 48 hours. He has commented on the issue saying 'the situation is totally under control' in Feb 2008.
The petitioners have alleged that government was not taking action on the issue.
The ASG had refuted the allegation saying that Prime Minister Manmohan Singh, in his opening speech at the recent G-20 submit in London, had said that "there should be an absolute transparency and banking secrecy should be over".