In its 27-page affidavit, pertaining to its efforts in retrieving ‘black money’ from overseas banks, the Ministry of Finance assured the Supreme Court that the government’s efforts were in place to reclaim the supposed Rs.70 trillion. The government’s explanation in the case came in response to a lawsuit questioning its alleged lackadaisical attitude towards the pertinent issue.  

Reiterating the government’s earlier statement about the pursuing the matter, Finance Ministry’s Department of Revenue Director, Priya VK Singh, said that governmental efforts since February 27 last year are yielding noteworthy results.

As per the affidavit, income-tax sleuths are following vital information – concerning names of Indian account holders in the LGT Bank, Liechtenstein - provided by the German government, “on condition of strict confidentiality of contents under the Double Taxation Avoidance Agreement (DTAA).”  

The affidavit stated: “On account of persistent follow-up by the union government, the German government provided the information on March 18, 2009. The information received from the German authorities has been forwarded to various taxation authorities concerned for action as appropriate under the provisions of the Income Tax, 1961 and the Wealth Tax Act, 1957.”

Regarding the deposits in the Switzerland banks, the affidavit said that, consequent to government’s teamwork with international community, Switzerland has agreed to make its ‘guarded’ banking laws and rules more transparent, in accordance with the global standards.