Nothing to hide on black money but can't reveal names: govt-January 25, 2011

Nothing to hide on black money but can't reveal names: govt

Indo-Asian News Service

New Delhi, January 25, 2011

Finance Minister Pranab Mukherjee on Tuesday said the estimate of black money stashed abroad by Indians and Indian entities was estimated at between $462 billion and $1.4 trillion and every step within means was being taken to bring it back. He also made it clear that unless there are
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legal provisions in other countries, the two pacts India has been entering with them -- double tax avoidance treaties and information exchange agreements -- cannot help in revealing the names of perpetrators.

Multi-disciplinary committee has been appointed to estimate the amount the black money stashed by Indians in foreign banks, he said.

He also said that various estimates of black money are unverifiable assumptions and approximations.

Government has also appointed a group to look into the possibility of amnesty scheme to bring out black money.

Declining to reveal any names he said, he has no intention to know the names of those who stashed money outside.

"I have no intention or authority to know the names of those who stashed money outside that have come to the government's hand," Mukherjee said.

He also said that Swiss government has not shared any information with the government so far.

"Swiss government has not shared information on black money with any government so far. The UBS Bank shared data with the US after entering an out of the court settlement under which no prosecution was pursued," he said.