New Delhi: Bharatiya Janata Party (BJP) MP and Indian lawyer Ram Jethmalani on Tuesday said that the Finance Minister Arun Jaitley is not serious about bringing black money back to the country. "I have gone and met the Germans, they said that no effort has been made to take the money back," he added.
This statement came a day after Jaitley sought urgent implementation of the automatic exchange of financial account information globally to tackle the menace of black money.
"We strongly feel that there is a need to ensure that the common reporting standards on automatic exchange of information should be implemented on a fully reciprocal global basis and those countries which have not yet committed to the timeline of 2017 or 2018 should do it without any further delay," he said at the weekend's annual Spring Meeting of the International Monetary Fund and the World Bank.
As offshore tax havens are obliged to provide information on cases only when investigation is launched, offshore tax evasion and flow of illicit money can be tackled only by the free flow of account information exchanged by countries on an automatic basis, Jaitley told the global forum.
India has no official estimates of illegal money stashed away overseas, but the unofficial assessments put the figure from $466 billion to $1.4 trillion.
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