India Votes 09 BJP Narendra Modi Gujarat

The BJP in its election manifesto has said that unaccounted money in overseas banks amount to Rs25-75 lakh crore, an amount large enough to allocate Rs4 crore for development of each village in the country

Prime Minister Manmohan Singh today said the UPA government swung into action to unearth unaccounted Indian money lying abroad after some instances of such funds in Germany and Switzerland were brought to its notice.

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"There have been some instances recently where these things came to our notice with regard to Germany, with regard to Switzerland. I think contact is being established with the relevant authorities to provide necessary information," he said while addressing a press conference here.

"As far as our comments are concerned, whatever action is necessary to unearth the black money held in India or held abroad, we will take action," Singh said.

He further said there would be flow of information between the tax authorities and the banking sector once the G-20 Summit decisions to regulate the tax havens are implemented.

The Prime Minister also dismissed the claims of BJP’s prime ministerial candidate L K Advani regarding estimates of black money by describing them as a figment of imagination.

The BJP in its election manifesto has said that unaccounted money in overseas banks amount to Rs25-75 lakh crore, an amount large enough to allocate Rs4 crore for development of each village in the country.