PM questions black money estimate of Rs.4 lakh croreJune 30th, 2011 - 12:55 am ICT by IANS
New Delhi, June 29 (IANS) Prime Minister Manmohan Singh Wednesday questioned the calculation behind estimating black money stashed by Indians abroad at Rs.4 lakh crore ($89.16 billion) but said all possible steps were being taken to bring it back.
“Four lakh crores or whatever the figures of black money being mentioned, I do not know what is the basis of those calculations. Whatever is possible is being done,” the prime minister said in his introductory remarks during an interaction with a select group of print editors.
According to the prime minister, black money was a scourge that affected not only India but other economies as well and that there was no magic wand that could provide an instant solution to what he described as a societal problem.
Unofficial estimates put the amount of ill-gotten money stashed by Indians abroad upto $1.4 trillion.
The prime minister said his government was in the process of negotiating double taxation avoidance agreements and tax information agreements with many countries to bring the black money back.
“We have fought hard in the G20 to see that the secrecy of tax saving banking systems should be modified,” he said.
“This is not a one-shot operation. We are doing all that is possible and we could accelerate it. We are committed to pursue all that is fiscally possible to deal with these problems of black money, problems of tax evading money and corruption,” the prime minister said.
Manmohan Singh emphasised on the need for a strong mechanism to deal with illegal activities including tax evasion, narcotics and trafficking of human beings.
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- Black money abroad pegged at $500 bn to $1,400 bn: Mukjherjee (Lead) - Jan 25, 2011
- India's cabinet discusses how to bring black money back (Roundup) - Jan 20, 2011
- Government to bring white paper on black money: Pranab (Lead) - Dec 14, 2011
- Pranab's remarks on foreign money vague, evasive: BJP (Lead) - Jan 25, 2011
- $500 billion black money hidden abroad: CBI (Roundup) - Feb 13, 2012
- India will ensure return of black money from overseas: PM - Mar 05, 2010
- Our effort to tackle black money relentless: Mukher - Jul 27, 2011
- Ramdev asks PM to act on black money (Lead) - Aug 10, 2012
- Black money will be brought back: Manmohan - Nov 04, 2011
- 'Can't reveal names yet of Indians with black money abroad' (Roundup) - Jan 25, 2011
- We at G20 must tackle tax evasion: Manmohan - Nov 03, 2011
- Reforms on track, inflation a problem: Mukherjee (Overall Lead) - Jul 27, 2011
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