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Mukherjee to clarify govt stand on black money
January, 25th 2011

Finance minister Pranab Mukherjee will Tuesday outline the government's strategy on how to bring back black money stashed in foreign banks, official sources said.

Mukherjee is scheduled to hold a detailed briefing on the issues related to black money Tuesday afternoon, finance ministry sources said Monday.

Prime Minister Manmohan Singh last week discussed the matter with cabinet colleagues after the Supreme Court queried why the government cannot name those involved in this $1.5-trillion "national plunder".

The apex court last week came down heavily on the government for its reluctance to provide full information on ill-gotten money stashed away by Indians in foreign banks.

The matter came up before the Supreme Court after noted lawyer Ram Jethmalani sought directions to the central government to act upon a report that Germany was willing to share details of Indians having accounts in banks based in Liechtenstein.

Jethmalani wanted directions to be given to the government to bring back such ill-gotten money, estimated at a whopping $1.5 trillion - nearly one-and-half times India's gross domestic product - put away in foreign banks by Indians.

India has started renegotiating its tax agreements with several countries in an effort to track ill-gotten money stashed in tax heavens such as Switzerland.

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