No quick fix solution to bring back black money : PM

PM Manmohan Singh today said there is "no instant solution" to bring back blackmoney stashed in foreign banks and that information with Government cannot be made public due to treaty obligations.

Updated: Jan 19, 2011, 21:13 PM IST

New Delhi: Prime Minister Manmohan Singh
today said there is "no instant solution" to bring back
blackmoney stashed in foreign banks and that information with
Government cannot be made public due to treaty obligations.

"There is no instant solution to bring back what is
called blackmoney. We have got some information and that has
been provided to us for use in the collection of due taxes,"
he told reporters at Rashtrapati Bhavan after a rejig of
some portfolios and new inductions, the first such exercise
in his second term in office.

His comments came close on the heels of the Supreme
Court pulling up the Government for witholding information on
blackmoney stashed in foreign banks, saying it is not just
limited to tax evasion but a "mind boggling crime" amounting
to "theft" and "plunder" of national wealth having security
ramifications.

Noting that he was not aware of what the apex court has
said, Singh said "we cannot use the information for any other
purposes and that information cannot be made public" as the
country cannot violate the obligations under international
treaties.

The apex court`s observation came while hearing a
petition filed by noted criminal lawyer Ram Jethmalani, who
along with some retired bureaucrats and police officers,
approached it seeking directions to the government to take
steps to bring blackmoney to the tune of one trillion dollars
stashed in foreign bank back to the country.

The Centre`s contention before the court is that it was
case of tax evasion and it cannot make public the names of
Indian account holders.

PTI