SC to retain Indian money abroad; Advani apprises

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LK Advani
New Delhi, Jan 17: Senior Bharatiya Janata Party (BJP) leader LK Advani on Sunday, Jan 16 appreciated the Supreme Court's efforts in bringing back the black money to India, which has been stashed in foreign banks. The SC instructed the government authorities to disclose the names of Indian citizens, those who have money deposited in foreign banks and questioned government's disinterest in giving the details.

Advani said that the court must ensure that all the Indian money abroad was brought back and need to introduce a new law to punish the people involved in this and to prevent the money stashing henceforth.

Advani gave example of US and Germany, who got their money back from other countries during the economic crises in their nations.

Advani said, “in 2009 I said black money by those who have earned it through nefarious means, is kept in countries like Switzerland, where banking norms allow having secret accounts and no one will even ask you."

“The United Nations passed a Convention on corruption and now laws are being drafted for the repatriation of money." He added, “when NDA raised the issue, the Congress reacted by saying no country will change laws for us, how will they give us back the money and they made fun of me."

“An international group estimated that Indian money in abroad is $462 billion, it is a huge amount ... which is wealth that can bring about a miraculous metamorphosis in Indian conditions,"" Advani said.

The SC on Friday, questioned the government as, what is the difficulty in disclosing the information about the Indian nationals, those who had stashed money in abroad. The bench asked after Solicitor General Gopal Subramanium, informed the bench that the government had got the details of foreign  account holders.

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