The center has explained to the court that they are working hard to bring back the black money hoarded abroad. They also tried to enlighten the court on the need of a mandatory procedure to get information on fake accounts in tax havens.

The finance minister, Pranab Mukherjee will arrange a press conference on Tuesday and disclose the measures decided to bring back the black money in the country.

Government had made an approach that money in the foreign banks are equal to the tax evaded in the country but SC denies any such measure on January 19 and asked government not to equate tax evasion with black money. Instead of this, the government should focus on trapping big fishes who have stolen mind-boggling amounts from the Indian economy.

Centre has calculated a figure of one trillion dollars as black money kept in foreign banks.

Solicitor general Gopal Subramaniam said that centre is aware of the problem and it has appointed various officers to look for fake accounts in foreign banks. He said that there may be a possible link between this black money and smuggling, drug syndicates and terror networks.

Pranab Mukherjee will provide his outline to the government strategy to deal with this issue.

Swiss bank has reported a data stating that India's black money is far more than the rest of the world.

SC is criticizing the government for not revealing the names that have their black money deposits in foreign banks. Responding to this criticism, government had filed an affidavit in the court that those names could not be revealed as per a treaty. Apex court holds a view that hoarding black money is not just about tax evasion but it is a serious crime.