Reveal source of black money: SC asks govt

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Supreme Court
New Delhi, Jan 27: The case against Indians' black money stashed in foreign banks was on Thursday, Jan 27, adjourned to February 3 by the Supreme Court.

The case came up for hearing in the court today and the court asked the Union Government to explain what action it has initiated in the black money issue. The Attorney General represented the government in the case.

"What is that you have done to know once you came to know about the source of money... is it from the arms dealing, drug peddling... these are very serious issues," the court observed.

The court asked the Securities Exchange Board of India (Sebi) for an explanation on the issue within four weeks. The hearing came up in the wake of Finance Minister Pranab Mukherjee stating that the names of Indians, who have deposited money in Germany's LTG bank, cannot be revealed.

"We are not talking about unknown names, these names are known to you now, so what have you done with that, we want to know what action is being taken... these people are in the country and amenable to our law. We want to know what action is being taken." the court asked the government.

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