Advani promises to bring back funds stashed abroad in 100 days

The National Democratic Alliance would bring back slush funds, estimated at $140 billion, stashed in foreign banks, within 100 days if voted to power, Bharatiya Janata Party leader L K Advani promised in Mumbai. He urged India not to remain a "mute spectator" and come up with similar initiatives.

The National Democratic Alliance (NDA) would bring back slush funds, estimated at $140 billion, stashed in foreign banks, within 100 days if voted to power, Bharatiya Janata Party (BJP) leader L K Advani promised in Mumbai on Friday.

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Addressing the media in the country's commercial capital, Advani said the BJP had set up a special task force to ascertain the entire gamut of issues of Indian slush funds hidden in foreign banks, including Swiss banks.

"The four-member task force has already submitted its interim report. Not just the Swiss banks, there are around 70 tax havens worldwide which are used to stash slush monies," Advani said.

Quoting the report, Advani said an estimated Rs 6.88 lakh crore (Rs 6.88 trillion/$140 billion) is lying abroad.

He also called for a "national consensus" to bring back the huge amounts, said to be hidden in secret accounts in foreign shores, which could help the country's economy and security.

This flight of capital from a developing country to developed countries had caused great damage to the nation's economy and security, according to Advani.

"This has prompted us to go in such a forthright manner on this issue," Advani said.

He said the US administration under President Barack Obama was planning legislation to target tax havens. Urging India not to remain a "mute spectator", Advani said India needed to come up with similar initiatives.