Government Taking Action on Black Money Information From France: Arun Jaitley

New Delhi: Committing to bring back black money stashed abroad, Finance Minister Arun Jaitley on Friday said the government is taking action on information received from France as well as tax haven Lichtenstein and sharing it with the Supreme Court.

Asserting that there is no jurisdictional issue over dealing with the menace of black money, he said a Special Investigation Team (SIT) has been set up, adding, "Whatever information we have, we are sharing with the Supreme Court. Government will extend full support to SIT."

Replying to the debate on Finance Bill in the Lok Sabha, Mr Jaitley further said that there is global opinion against money laundering and pressure is building on tax havens to share information.

He said India will not have to wait long for getting back the black money stashed abroad.

The Finance Minister said the government has received certain information from the French government regarding accounts of Indians in a bank in Switzerland and also from "tax haven" Lichtenstein.

"French Government has given information to India under an agreement. We are taking action in this regard," he said.

Earlier, in a written reply, Minister of State for Finance Nirmala Sitharaman said the government has taken a host of steps to bring back black money kept in offshore accounts.

Beside setting up the SIT, the government has joined the global efforts to combat cross-border global tax evasion and tax fraud and has revised tax treaties with several countries.

"Drive against tax evasion and efforts to check generation of black money in the country is an ongoing process. Appropriate action under direct tax laws including assessment of income, raising tax demand, levy of penalty and prosecution in appropriate cases is taken," she said.