Mr Mukherjee on Friday, Mar 16 presented Union Budget 2012 in the Parliament and sources informed that the finance minister soon will address the problem of the black money. The minister is expected to table white papers on black money during this budget session of the Parliament.
A white paper explains the government policy on a particular subject, and allows the government to collect feedback before a Bill is prepared. Mr Mukherjee, according to sources, will share information on undeclared income held by Indians in foreign bank accounts to avoid taxes.
The investigation agency Central Bureau of Investigation (CBI) earlier on Feb 13 had claimed that nearly 500 billion dollars of illegal money (black money) have been stashed in bank accounts of foreign countries.
Media reports quoted Mr Singh as saying, "India has suffered due of illegal flow of funds. Nearly 500 billions dollars of illegal money is abroad."
"Maximum number of account holders in Swiss banks are believed to be Indians," said Mr Singh.
However, later Swiss Bank spokesperson issued statement saying, "It wishes to make a clarification in view of unsubstantiated media reports that have been recently published about Switzerland and Swiss Banks."
"There have been several speculations about the amount of wealth held by Indians in Swiss Banks...Such estimates and statistics lack of evidence and are uncorroborated," adds the issued statement.