NEW DELHI: Assuring the Supreme Court that it was trying to retrieve black money stashed in tax havens abroad, the government yesterday said it has already secured significant information from Germany and income-tax sleuths were following it up.
The Finance Ministry disclosed this in a 27-page affidavit to the apex court in response to a lawsuit accusing the government of doing precious little to retrieve Indian black money to the tune of Rs.70 trillion stashed abroad.
The government filed an affidavit in the Supreme Court in response to a Public Interest Litigation (PIL) filed last month by former Law Minister Ram Jethmalini and five others, demanding action on bringing back the money in foreign banks.
While questioning the timing of raising the issue during the election period, Additional Solicitor General Gopal Subramanium assured the court that the government would file an affidavit within 48 hours. Without issuing any notice, the apex court posted the matter for hearing on May 4.
In its affidavit, the government also told the court that its persistent efforts in collaboration with international community have also resulted in Switzerland agreeing to make its secretive banking laws and norms more transparent in tune with the global standards.
Reiterating its assertion that it is not sitting idle in this matter, Director Priya V.K. Singh of the Department of Revenue under the Finance Ministry told the court that following repeated efforts since Feb. 27 last year, the government got the information on Indians with secret accounts in LGT Bank of Liechtenstein March 18 this year.
The government, however, added in its affidavit that the information procured from Germany cannot be made public owing to the condition of strict confidentiality under which it was procured.
— With input from agencies
