Illegal funds stashed by foreigners in India to be seized

India will introduce a bill in the monsoon session of parliament that will enable confiscation of illegal money stashed in India by foreigners, Finance Minister Pranab Mukherjee said on Monday.

India will introduce a bill in the monsoon session of parliament that will enable confiscation of illegal money stashed in India by foreigners, finance minister Pranab Mukherjee said on Monday.

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"We will introduce the bill in monsoon session," Mukherjee said while addressing a joint press conference with Organisation for Economic Cooperation and Development (OECD) secretary general Angel Gurria.

The event is being organised by the finance ministry in partnership with the OECD.

The bill will allow India to discharge its international obligations and also enable it to put pressure on other countries to help in identifying and confiscating illegal funds put away in offshore banking accounts.

Mukherjee also said that India was negotiating tax treaties with several countries.

"We are getting substantial cooperation from most of the countries. No country has yet been identified as non-cooperative," he said.

This is the first time that such a high-level international seminar is being held in India. Over 150 experts from 30 member countries of the OECD, the International Monetary Fund (IMF) and the World Bank are participating in the event.