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Swiss Accounts: Govt. Files Affidavit in SC

In the midst of huge electoral pressures to act on the matter, the central government on Saturday filed an affidavit in the Supreme Court seeking requisite clearances to bring back the huge sums of ‘black money’ stashed in Swiss bank accounts.

In the affidavit, the Union government informed the Supreme Court of the various steps initiated for the retrieval of the black money believed to stashed in Swiss bank accounts held by Indians.

The black money – consisting of ill gotten gains and sums on which taxes were not paid in the country – is reported to be in excess of a whopping Rs. 70 trillion ($1.4 trillion).

The government affidavit was filed in response to a lawsuit by former union law minister Ram Jethmalani, former Lok Sabha general secretary Subhash Kashyap and former Punjab Police chief KPS Gill, which sought the court’s direction to the government to retrieve the unaccounted money.

In the affidavit, the central government cast doubts over the timing of the lawsuit and said it was politically motivated as it came in the midst of the ongoing general elections, and sought its dismissal.

Famed for their ultra-secret accounting procedures, Indian cash constitutes the highest deposits in the Swiss banks – the fact tumbled out after the US and other Western nations forced the banks to spill the beans on those that maintain accounts with them.

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