‘Talk to foreign nations to get back black money’

Last Updated: Sunday, July 24, 2011 - 15:40

Bangalore: Karnataka Governor HR Bhardwaj on Sunday favoured the Union Government entering into a dialogue with foreign countries to get back the black money stashed
abroad by Indians even as he lashed out at Anna Hazare and
Baba Ramdev for raising the issue.

"What is the expertise of (social activist) Anna Hazare to
say about black-money or that fellow...`sadhu` Baba Ramdev",
Bhardwaj, a former Union Law Minister, told reporters in
response to questions on the sidelines of a function here.

"Are they tax experts ? Or (do) they have any knowledge of
international law?", asked Bhardwaj, who had earlier served
as Company Affairs Minister.

He said there are media reports that thousands of crores
of Rupees had been stashed in Swiss banks by Indians, adding,
"this is not a happy state of affairs".

"I am prepared to say on record that it`s all (black-money
abroad) because of bad statutes, bad laws that we enact", he
said at the concluding ceremony of the celebration of 150
years of Income Tax in India and Income Tax Day.

He opined that "all that money that has gone out of India
is not that kind of clandestine money sent there", adding,
many leading corporates in India had stashed money in various
countries prior to economic liberalisation when there was
"licence raj" to fuel expansion plans overseas such as the
African continent and the Asia Pacific.

Bhardwaj said: "And ultimately, this is a bilateral matter
...between country to country; government can definitely ask
information (on black-money) from country to country in
mutually assistance programme".

PTI



First Published: Sunday, July 24, 2011 - 15:40

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