India will not have to wait for bringing back black money: Arun Jaitley

New Delhi: Finance Minister Arun Jaitley said on Friday that India would not have to wait too long for bringing back the black money.

He said that the Government is giving all the information received from abroad on this issue to the Supreme Court.

Jaitley, said that the country needs to fight the economic slowdown, as inflation cannot be tackled by just hiking the interest rate.

He further added that the Government wants to revive investor sentiment, which had been disturbed.

Read: OECD pact helps India to get black money information

Earlier a BJP member had mentioned, "We will not be able to bring back black money from Switzerland in our lifetime.” Nishikant Dubey, MP from Godda in Jharkhand, made the remark while participating in the debate on Finance Bill.

Dubey, who was the first member from the Treasury benches to speak on the issue, said, "We will not be able to bring back black money from Switzerland in our lifetime. We cannot bring it back because people have formed trusts." Citizens of Switzerland are employees who hold the trust.

"When you ask for money and names, you will seek names of Indians. There is no question of asking the name of the trustees. And if we don't then how will we get back black money from Switzerland," he said.

Also read: Blackmoney: India making all efforts to get Swiss banks account holders' list

M. Thambidurai (AIADMK) said if black money stashed abroad is brought back, then India will not require FDI as it will have enough funds to take forward its projects.

In the run-up to the Lok Sabha elections, Narendra Modi had repeatedly said if the BJP comes to power, the party would bring back black money stashed abroad.