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CPI wants Govt to bring back black money from Swiss banks

News18test sharma |

Updated: February 4, 2009, 10:18 PM IST
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CPI wants Govt to bring back black money from Swiss banks
This is allegedly unaccounted money deposited by Indians in Swiss banks.

Hyderabad: Communist Party of India (CPI) Deputy General Secretary S Sudhakar Reddy on Wednesday said that Government should take steps to bring back $1456 billion. This is allegedly the unaccounted money deposited by Indians in Swiss banks.

"Who could deposit this amount and why at a far of place like Switzerland not preferring banks in India? The answer is simple. This is black money, this is the money unaccounted," he said.

"These depositors are shameless betrayers of the nation and money deposited by them should be confiscated through all legal means immediately and brought back to India," he said in a letter to Prime Minister Manmohan Singh.

"According to the report of Swiss Banking Association of 2006, the Indian deposits in Swiss banks is $1456 billions and have grown further since then," he added.

Even if it is $1400 billions, it is almost twice to country's Gross Domestic Product (GDP) 15 times more of its budget. If distributed equally among the Indians, each will get approximately Rs one lakh, Reddy said.

"While 36 crore people in the country are living below poverty line, it is unpardonable that a few rich keep the huge amount in Swiss banks," he added.

Third front,comprising Left and regional parties, would get more seats than the UPA and NDA in Lok Sabha elections, Reddy said.

First Published: February 4, 2009, 10:18 PM IST
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