Black Money will be brought back very soon: FM

Finance Minister Arun Jaitly replaying to a question in Rajyasabha said “Country will not have to wait for long for bringing back black money. We are giving all information received from abroad on black money to Supreme Court.”

He said some foreign banks start sharing information with Indian government after consistent communication by it. However, Swiss Bank is still averse to share information about the accounts mentioned by Indian authorities that they obtained through other countries like France and Germany, because the information is not official. Jaitly said however it is only a matter of time to bring bank the black money.

Soon after taking charge of the government, the first job Prime Minister Narendra Modi did was, constituting a special investigating committee (SIT) comprising members from all top investigating agencies like CBI, IB, ED that is headed by Supreme Court retired judge M B Shah.

The UPA Government also discussed on this with Swiss Bank Authorities and got some information. However, it simply sat on the files without taking any action on the tax evaders. But, NDA government is putting efforts constantly to convince the foreign banks to share information about the account holders of India. That's why Jaitly seems to be quite confident of bringing back the black money soon.