Black Money Bill only aimed at tightening tax penalties: Swamy

New Delhi: Bharatiya Janata Party (BJP) leader Subramanian Swamy on Wednesday said the Black Money Bill passed in the Lok Sabha had no measures to bring the money stashed abroad back, but was only aimed at tightening the tax penalties.

"I am more interested in the procedure to bring back black money because the present Black Money Bill in the Parliament has not really got anything to do with black money. It has only to do with punishment of those caught with black money or those who voluntarily disclose their black money," Swamy told ANI.

"It is basically tightening the tax penalties and that is also welcomed, but ultimately you have to bring the black money back," he added.

Veteran lawyer Ram Jethmalani had yesterday told the Supreme Court that the government's promise to bring back illegal money stashed abroad was 'worse than an illusion' and a 'fraud on the nation'.

According to reports, the Special Investigation Team (SIT) yesterday submitted the third interim report on black money to the apex court.

The SIT's move came a day after the Lok Sabha passed the bill to deal with black money stashed abroad.

The SIT on black money had been formed by the apex court last year.