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The affidavit was filed in response to a PIL filed by former Law Minister and eminent jurist Ram Jethmalani and five others who have been seeking a direction for the government to take action to bring back money to the tune of Rs 70 lakh crore stashed in foreign banks.
When the petition was mentioned on April 22 before a Bench headed by Chief Justice K G Balakrishnan, Additional Solicitor General Gopal Subramanium had questioned the timing of raising the issue when the elections were underway.
Though the apex court had not issued notice, it had posted the matter for hearing on May 4 after the ASG had promised to file the affidavit within 48 hours.
He had said that action was already taken on the issue when it came to light in February 2008 and "the situation is totally under control".
Besides Jethmalani, five others including former Punjab DGP K P S Gill and former Secretary General of Lok Sabha Subhash Kashyap, who are petitioners, have alleged that government was not taking action on the issue.
However, the ASG had refuted the allegation saying that Prime Minister Manmohan Singh, in his opening speech at the recent G-20 submit in London, had said that "there should be an absolute transparency and banking secrecy should be over".
The ASG had said that the Ministry of Finance had written to the German authorities in February and June 2008 when the issue appeared in the media seeking information about Indian account holders in LGP Bank there.
The PIL assumes importance as BJP's prime ministerial candidate L K Advani besides Left parties and others have been pressing the government to approach the foreign banks for bringing back the black money.
During the last hearing, the petitioners had said all political parties are responsible for the present state of affairs and though the issue came to light in February 2008, government has not taken a step so far to the extent that not a single account has been frozen.
They had said the situation was alarming as the Swiss Bank authorities have said that Indians tops the list of depositors with around Rs 1.5 trillion deposited with it.
The petition sought a direction to the Centre to take up with the foreign banks, particularly the UBS Bank, Switzerland, the issue of freezing of accounts of Indian businessmen, politicians and other influential persons illegally holding their assets in such financial institutions.
The six petitioners, whom their counsel Anil Divan described as "super senior" citizens, have submitted that if the Rs 70 lakh crore, purportedly stashed in foreign banks, are retrieved it would substantially remove poverty in the country and promote its development.
Quoting certain journals and media reports, the petition said the Rs 70 lakh crore, siphoned off from the country between 2002 and 2006, has been stashed in foreign banks.
It claimed the government has knowledge of the matter but no action has been taken against the persons involved. The petition also cited the purported statement made by Finance Minister P Chidambaram acknowledging the stashing away of such illegal money in foreign banks by influential Indians.
The petition cited the alleged instance of the Enforcement Directorate detecting deposits made of around 8.04 billion dollars with the UBS Bank in Zurich by one Hasan Ali Khan in Pune during a raid in January 2007.
The Income Tax Department had also served a demand notice to the tune of Rs 20,580 crore on Khan, besides for Rs 40,000 crore from Kashinath Tapuria and his wife Chandrika Tapuria of Kolkota, who had allegedly connived with Khan, it was claimed in the petition.
According to the petition, unregistered Foreign Investment Institutions (FIIs) had entered the stock market through Participatory Notes and as such their credentials were not known, thus exposing the country to grave threat.
The Ministry of Finance, Reserve Bank of India, Securities Exchange Board of India, Directorate of Enforcement and Central Board of Direct Taxes have been made respondents in the petition.
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I hope the SC, the"super senior" citizen,and the enlightend citizens of India will soon suceed in making the Government of India bring all this Black Money to India and use it to build over collapsing infrastrucure. May GOD help us.
Though it is a matter known to all litrate indians that this point is raised at the time of elections and forgotten arterwards. We had been listening to this from sixties onwards. Is there realy money there? we can not force bankers of other countries to disclose the information. Even if a law is made by german govt to disclose it will be disclosed to that government and how we get this information again is a big question? PIL should have been taken up after the election results so that there will be ample of time for the government to take action before next elections. What ever the decision is given be the court it will be for the next govt to take up.
This and every action,move and statement given by the Govt is absolute fictitious and deceptive.After having long slumber of five years just before elections Congress and co are busy like bees to convince the pople and win their votes.Congress was insidious enemy of the nation both through its actions and inert attitude.The Congress and its compliance will delay the matter as long as possible because it more than 80% people supporters or active members of Congress who have their black-money deposits in foreign banks till most of these accounts are manipulated in some kind of assests.India could modernize its forces to defend the Nation from every worst eventuality/adventurism from Pak and China as well.Apart from getting this money back this Govt must take harsh action against all politicians who have amassed riches and freeze their accounts and ofcourse confiscate their assests immidiately.As far as to their related people must be secrutinized to authenticate legality of their riches.There are serious cases of embezzlements and defalcation of Govt funds pending since decades and this regime shows no concern atall while trifles like Gujrat riots are given top priority.Their reticence reveals more of their evil intentions.Citizens especially poor and middle classes must wake up to keep this bunch of traitors/liars out of power.Vote the right people and sincere candidates.
The wishy-washy action taken by the Govt., headed by Mr. Clean, shows how "clean" Mr.Clean really is.
The problem with black money is that most of the black money is submitted by politicians. Though Mr Advani is claiming that he will bring back black money in 100 days, but it seems impossible as many of his regional poll partners may have Swiss bank accounts, which will pressurize him not to move forward on this matter. Recently, I saw an interview of former CBI director, that many Chief Ministers take bribes in hundreds of crores, 500-600 crore bribe is no big deal for a CM. Imagine how much a CM can earn in his 5 year term.A few days back I read in a newspaper that a Tehsildar is making 7.5 lakhs DAILY. Now think how much other top ranking government official can make.The problem in our country is that there is NO accountability
Apparently the Government seems to feel that a request for transparency in international banking interchanges by the PM in the G-20 meet would suffice as adequate measures .All the while Cabinet Ministers were dismissal of the oppositions' concerns on the subject.Unfortunately for them,the PIL ,which could have been avoided if they were more alertand proactive,has now forced them to show their hand.What an unfortunate way to run a country.