Not all money kept abroad is black money: Pranab

Khargram: Finance minister Pranab Mukherjee on Sunday said all the money kept by Indians abroad is not black money and noted that India has signed treaties with 37 countries to know the details of such illegal wealth.

“Not all money kept abroad is black money ... It might have been deposited by businessmen or business houses. The process will take time to know the exact amount,” he told a meeting of Congress workers here.

His comments come amidst demands by yoga guru Ramdev asking the government to take steps to bring bank black money stashed abroad. In his campaign against black money, he has been meeting leaders of various political party leaders.

The government last month had proposed a multi-faceted strategy to unearth black money through fast-track courts and deterrent punishment but had ruled out any tax any immunity schemes. The White Paper on black money tabled by Mukherjee in the Lok Sabha favoured a strategic mix of four pillars that will include incentives for voluntary compliance, reforms in vulnerable sectors of economy, creating effective credible deterrence and supportive measures. The 97-page report however, did not give out any name of black money holders or estimated of such funds either in the country or outside but referred to estimates made earlier by various domestic and foreign institutions.