Prez concerned over ill effects of black money

New Delhi, Feb 21 (PTI) Asserting that the Government hadtaken steps to facilitate exchange of information for taxpurposes with various countries, President Pratibha Patiltoday said an additional income of Rs 48,784 crore has beendetected and Rs 34,601 crore collected additionally as tax.

"My government will spare no effort in bringing back toIndia what belongs to it and to bring the guilty to book," shesaid in her address to both Houses of Parliament.

Maintaining that the government stood committed totackling the menace frontally, Patil said the government hastaken steps to facilitate exchange of information for taxpurposes with "such countries and entities where Indiancitizens may have parked their money."

"The early results have been encouraging. These steps haveled to additional collection of taxes Rs 34,601 crore anddetection of additional income of Rs 48,784 crore," she said.

She expressed concern over the ill effects of blackmoney, especially those stashed away in foreign banks eitherthrough evasion of taxes on income earned legitimately orthrough illegal activities.

Noting that the government has taken many steps tostrengthen the legal framework, the President said amulti-disciplinary study has been commissioned to go into itsramifications for national security and recommend a suitableframework to tackle it.