Government says no quick fix for black money

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Indian Currency
New Delhi, Jan 20: After receiving flak from the Supreme Court and Opposition parties, Congress-led UPA government finally called for a cabinet meeting on Thursday, Jan 20. This meeting comes a day after the SC questioned government's disinterest in disclosing the details of Indians, those who have money deposited in overseas banks.

However, PM Manmohan Singh on Wednesday, announced that the government could not reveal any details over the black money issue, as it would entail violation of India's treaty obligations with other countries and jurisdictions.

"There is no instant solution to bring back what is called black money. We have got some information and that has been provided to us for use in the collection of taxes," Singh said.

Meanwhile Finance Minister Pranab Mukherjee said that he would very soon call for a press conference to clear about the government's stand over the black money issue.

Well known lawyer Ram Jethamalani moved the SC to sought directions to the union government to take action over the report, that Germany was willing to share details of Indians having accounts in banks based in Liechtenstein.

According to an international group over $462 billion of Indian money is being lying in foreign banks. There is no doubt if the stashed money is retrieved it would bring about a miraculous metamorphosis in Indian conditions.

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