Black money in foreign banks can make Budget ‘Tax free’ for next 30 years: Jethmalani

Black money in foreign banks can make Budget ‘Tax free’ for next 30 years: Jethmalani

Mumbai: Stating that every Indian family will get Rs 2.5 lakh and there would be 'tax free' budget for next 30 years, noted advocate and former Rajya Sabha member Ram Jethmalani today demanded that the Union Government bring back 1,500 billion US dollars stashed in foreign banks, especially Swiss, by Indians.

Addressing mediapersons here, Mr Jethmalani, the former Union law minister, claimed ''India is a rich country, but it is made poor by the corrupt leaders.

The USD 1,500 billion, which was concealed by the Indians in foreign bank, especially the Swiss banks, was stolen from poor people of the country.

If the government brings back this money, then the country will become rich and every Indian family will get Rs 2.5 lakh and there would be 'Tax free' budget for next 30 years.''

He said Pune-based controversial businessman Hasan Ali, arrested in tax evasion case, has deposits of USD 8.2 billion in the Swiss bank account. The Income Tax department had recovered Rs 37 crore from him as tax.

He said in 2002, the Union Government had chalked out 'Money Laundering Act' to contain it but no rules and regulations of the framed act were implemented till 2005.

When the Income Tax officials sought details of Hasan Ali's Swiss Bank accounts, the Swiss bank officials had promptly replied saying ''if you want to investigate into the money laundering case, we will furnish all the details.''

Unfortunately, after that letter, there was no correpsondence with Swiss Bank Authorities since 2007, he said.