Pranab reassures Parliament on action against money stashed abroad | business | Hindustan Times
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Pranab reassures Parliament on action against money stashed abroad

business Updated: Aug 02, 2011 17:08 IST

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The government has received information about Indians having accounts in Swiss banks and is taking appropriate action to bring back funds stashed abroad, Parliament was informed on Tuesday.

"We have received some information with regard to some deposits in Swiss Bank", finance minister Pranab Mukherjee told the Rajya Sabha. "Whenever information about money deposited in any foreign bank account is obtained the same is first verified and then action is taken in accordance with law to bring the undisclosed amount to taxation", he said in a written reply.

The minister, however, did not disclose the names of accounts holders saying that "information received under the Double Taxation Avoidance Agreement (DTAA) is covered by the confidentiality provision of the DTAA".

He was replying to a query on whether the government has received some information regarding black money deposited in Swiss banks. Mukherjee further said the government has formulated a five pronged strategy in this regard.

This comprised joining the global crusade against 'black money', creating an appropriate legislative framework and setting up institutions for dealing with illicit funds, developing systems for implementation and imparting skills to the manpower for effective action.

Further, in absence of any credible information regarding the quantum of black money, the government has roped in three leading think-tanks NCAER, NIFM and NIPFP to conduct a study on unaccounted income generated inside and outside the country.