No official data on black money stashed by Indians in foreign banks: FM

New Delhi, Aug 7 (UNI) The government has no official estimates available with it of black money stashed by Indians in foreign banks, Union Finance Minister Piyush Goyal told the Rajya Sabha here on Tuesday.

Replying to supplementaries during Question Hour, the Minister said all estimations given in the past were based on variable formulations and were only but estimations.

The Minister said, ‘there is no verifiable data available anywhere in the country and if it were available, the government would have cracked down on anyone who had that kind of money. There was a treaty with Switzerland, but even then we were not getting any information.’’

A SIT had been formed headed by two judges to come up with estimates of black money stashed abroad, he informed members.

‘These sensitive matters requiring concurrence of the Parliamentary process which is why we have left it to the Parliamentary Standing Committee to guide us in the matter,’ he said.

Savio Rodrigues

Savio Rodrigues Founder & Editor-in-Chief

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