President firm on controlling black money

President Pratibha Patil on Monday said the government is firm in tackling the issue of black money stashed away in foreign banks.

Addressing the Parliament, Patil said: ?The issue of black money has attracted a lot of attention in the recent past, especially that allegedly stashed away in foreign banks.?

?Government fully shares the concern about the ill-effects of black money whether generated by evasion of taxes on income earned legitimately or through illegal activities. My government stands committed to tackling the menace frontally. It requires diligent, sustained effort by all law enforcement agencies, including those of state governments.?

Patil said steps have been taken to strengthen the legal framework on black money issue.

?My government has taken many steps to strengthen the legal framework, build new institutions, and improve capacity to tackle this problem. A multidisciplinary study has been commissioned to study its ramifications for national security and recommend a suitable framework to tackle it,? she said.

?Government is also working closely with the international community, especially through the G-20, to expedite the process of identification and recovery of such money. India is now a member of the Financial Action Task Force in recognition of its anti-money laundering and anti-tax evasion measures. India has also gained membership of the Eurasian Group and the Task Force on Financial Integrity and Economic Development.

?My government has taken steps to facilitate exchange of information for tax purposes with such countries and entities where Indian citizens may have parked their money. The early results have been encouraging.?

?These steps have led to additional collection of taxes of Rs 34,601 crore and detection of additional income of Rs 48,784 crore. My government will spare no effort in bringing back to India what belongs to it and to bring the guilty to book,? said the President.