Advani welcomes Supreme Court Move to unveil black money squirreled away abroad

On Sunday, the BJP leader L.K. Advani hailed the move of Supreme Court to unveil the details of black money hoarded away abroad by Indians.  Talking against the corruption and price rise at the Mahasangram rally of the National Democratic Alliance (NDA), Advani said that the Supreme Court held the Solicitor General Gopal Subramaniam accountable for the question of Government’s irresponsibility to not disclose the details of those who had kept black money abroad.

Mr. Advani pointed out, “In 2009 I said black money by those who have earned it through nefarious means, is kept in countries like Switzerland, where banking norms allow having secret accounts and no one will even ask you. Banking secrecy laws are there in many countries. Now there is a chance, the U.S., Germany felt that their money should return to their countries during the time of the economic slowdown. The United Nations passed a Convention on corruption and now laws are being drafted for the repatriation of money.” He further also added, “When NDA raised the issue, the Congress reacted by saying no country will change laws for us, how will they give us back the money and they made fun of me.”

Mr. Advanci also unveiled that before 2009, the BJP had formulated a task force and Vaidyanathan (the then member of BJP), elicited the amount of money stashed out in foreign banks. An international group called Global Financial Integrity also estimated that the Indian money stashed out abroad amounted Rs. 20.85 lakh crore.