Centre taking all measures to reclaim black money stashed in foreign banks: Moily

BANGALORE - Union Law and Justice Minister Veerappa Moily on Saturday said that the Congress-led United Progressive Alliance (UPA) is taking all measures to reclaim black money stashed away in banks abroad.

According to the data provided by the Swiss bank, India has more black money than rest of the world combined.

The UK has 390 billion dollars in black money, Russia has 470 billion dollars and India tops the list with almost 1500 billion dollars.

Addressing the media in Bangalore, Moily said: “We have already taken a number of steps in spite of the treaties to get the black money back and you know we have huge details, we are reading out the details.”

“This is what we have submitted to the Supreme Court, this is what even our Finance Minister has told in the Parliament.”

“NDA (National Democratic Alliance) had not taken even a single step in this direction to bring back black money. It is UPA-one government headed by the Congress, both in UPA-one and two we have taken number of measures. We will even circulate the details to you, the measures taken,” he added.

As for the recovery of the unaccounted money stashed abroad, Moily said that there are certain treaties between two countries, which are to be used only for taxation purposes not for other purpose.

Hence one has to be very cautious since otherwise it may ruin the relation between two countries. Despite this problem, the Indian government is taking measures outside the treaty to get details of the black money, the Law and Justice Minister noted.

He further said that the government has not hidden anything, and has already submitted the list in a sealed cover before the Supreme Court.

Now, it is for the Supreme Court to take the appropriate decision, Moily said. (ANI)