No quickfix solution to bring back blackmoney : PM

Written by: Pti
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New Delhi, Jan 19 (PTI) Prime Minister Manmohan Singhtoday said there is "no instant solution" to bring backblackmoney stashed in foreign banks and that information withGovernment cannot be made public due to treaty obligations.

"There is no instant solution to bring back what iscalled blackmoney. We have got some information and that hasbeen provided to us for use in the collection of due taxes,"he told reporters at Rashtrapati Bhavan after a rejig ofsome portfolios and new inductions, the first such exercisein his second term in office.

His comments came close on the heels of the SupremeCourt pulling up the Government for witholding information onblackmoney stashed in foreign banks, saying it is not justlimited to tax evasion but a "mind boggling crime" amountingto "theft" and "plunder" of national wealth having securityramifications.

Noting that he was not aware of what the apex court hassaid, Singh said "we cannot use the information for any otherpurposes and that information cannot be made public" as thecountry cannot violate the obligations under internationaltreaties.

The apex court''s observation came while hearing apetition filed by noted criminal lawyer Ram Jethmalani, whoalong with some retired bureaucrats and police officers,approached it seeking directions to the government to takesteps to bring blackmoney to the tune of one trillion dollarsstashed in foreign bank back to the country.

The Centre''s contention before the court is that it wascase of tax evasion and it cannot make public the names ofIndian account holders.

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