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Bring back black money: BJP

india Updated: Jan 29, 2011 19:56 IST
black money

Former BJP President, Rajnath Singh, on Saturday said that at a time when the Government is grappling with the malady of heavy fiscal deficit, bringing the black money back to the country will give our economy a much needed boost.

The government has also acknowledge this fact on several occasions and even promised to work towards repatriation of black money to India, but unfortunately the country is yet to witness the seriousness and tenacity to take any meaningful step in this direction, Singh told mediapersons here.

According to the data providedby the Global Financial Integrity (GFI), India has more black money than the rest of the world combined.

India has almost 22.5 lakh crores of black money stashed away in Swiss banks and other tax heavens, he said, adding 'this amount is nearly half of the total GDP of the country and around 13-14 times of our total foreign debt'.

'The Government seems to be hiding behind international treaties and other legal obligations to shield those who hold accounts in Swiss banks', he said.

The Supreme court has directed the Government to reveal the names who were involved in plundering the country 'but it is reluctant', Singh alleged.

The UPA Government was deliberately delaying and diverting the process of recovery because 'it was afraid that a quick response on this issue will expose many money trails which will establish its links to higher ups in the Congress Party', Singh alleged.

BJP believes that the black money stashed away in Swiss banks is generated through illegal and corrupt means, hence the Government should make sincere efforts to bring it back by constituting a legal framework for its repatriation.