I will get back every paisa: says PM Modi on his radio address to nation
New Delhi: Promising to get back every penny of black money stashed abroad, Prime Minister Narendra Modi on Sunday said that efforts to bring it back are on the “right track”. He, however, acknowledged that there was no correct estimate about how much money is kept illegally in foreign countries.
Meanwhile, finance minister Arun Jaitley, while lashing out at the Congress and others who want the government to make the names of black money-holders public, cautioned that any unauthorised disclosure of such names could sabotage investigation and benefit the guilty.
In his radio address to the nation, as part of his “Mann Ki Baat” programme, the PM said that bringing back black money from outside the country is an “article of faith” for him and nothing will be lacking in his efforts to do so.
Prime Minister Narendra Modi’s commitment to bring back black money stashed abroad comes against the backdrop of the stand the government took in the Supreme Court last week about the inability to disclose the names of account-holders in foreign banks because of the confidentially clause in treaties with other countries.
The Prime Minister said there might be differences in approach on getting this money back but he was committed to doing it and the nation should have faith in him. "As far as black money is concerned. You should have faith on this pradhan sevak. For me, it is an article of faith. Every penny of the money of the poor people in this country which has gone out should return. This is my commitment," he said in his address on AIR.
On the actual estimate of the amount in illegal bank accounts in foreign countries, Mr Modi said, "Nobody knows, nor do I know, nor does the government know, nor do you know, how much money is stashed abroad. Even the previous government had no estimate. Everybody is making their own assessment of figures. I do not want to get involved in those figures. It is my commitment that whatever amount, Rs 2, Rs 5, crores of rupees or whatever, this money belongs to the poor people of this country and should come back." He also asserted that whatever has to be done will be done at the earliest.
Meanwhile, questioning those demanding the disclosure of names in violation of tax treaties, Mr Jaitley said: "The Congress Party’s stand is understandable. It does not want evidence to be forthcoming in support of the names available with SIT. Are some others ill-informed, just indulging in bravado or are they Trojan horses?"
The choice before the government was between unauthorised disclosure and disclosure as per treaties, the minister said, adding that the latter is both a fair and beneficial proposition.
Mr Jaitley said the disclosure of names in violation of tax treaties would help account-holders as the reciprocating state could refuse to provide any evidence in support of the unauthorised account.
Referring to the US legislation FATCA, which also contains the confidentiality clause, Mr Jaitley said that the Reserve Bank has cautioned the government of serious consequences in case India fails to comply with the American legislation. "The consequences of not signing the agreement with the US under FATCA would be disastrous. It will negate the efforts being undertaken by our government to revive the Indian economy," he said.
Under the Foreign Account Tax Compliance Act (FATCA), the exchange of information between the countries is subject to a confidentiality clause.
