SC asks government to ascertain source of blackmoney

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New Delhi, Jan 27 (PTI) Expressing concern that theblackmoney stashed in banks abroad might have originated fromarms deals, drug trafficking and smuggling, the SupremeCourt today asked the government as to what action it hadtaken against individuals and firms having foreign accounts.

A bench headed by Justice B Sudarshan Reddy directedthe government to file its response by Thursday next.

The court also sought replies from the government, RBIand CVC on a petition seeking direction to the government toratify UN convention on corruption which would facilitate inbringing back blackmoney from foreign banks.

Asking the government not to restrict its probe onlyto the tax evasion aspect, the bench told the government to goafter the sources of blackmoney.

"We want to know what steps you have taken against thepeople who have accumulated so much money in foreign banks.

What are the sources of the money," the bench asked.

"These are people in the country who are amenable tothe law. What action have you taken against them when you cameto know that they have stashed money in foreign banks?

"What are the sources of the money? Where has themoney come from? It might be because of arms deals, smuggling,narcotics, drug trafficking or something else. These are moreserious issues, when you know the name, what action you havetaken?," the bench asked. .

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