Cannes, Nov 4(ANI): The Prime Minister, Dr. Manmohan Singh, today said that he doesn't know the magnitude of the black money stashed in banks abroad and called for creating an environment where 'people with surplus money' can bring their funds back.
Dr. Manmohan Singh, while responding to a question on the sidelines of the G20 summit in Cannes, France, also admitted that India has no foolproof mechanism to ensure that the illegal money can be brought back within a short period of time.
"We have to create an environment in which our people would have an incentive to bring back this money home. India is a land of opportunity, therefore, it is no longer necessary for people with surplus money in India to think of greener pastures outside," Dr. Singh said.
"I think that's the only secure long-term way to create an environment in which we discourage the flow of such money to foreign havens," he added.
When asked if he can predict a time-span by which the money can be brought back, Dr. Singh said: "Let me say that I'm no astrologer. We have to operate in a world where things are not entirely to our own likes."
"We are dealing with several countries and therefore they will cooperate with us only to the extent that their laws permit them to do so. We are trying to negotiate agreements and exchange information," the Prime Minister added.
As per reports, an estimated amount of 500 billion dollars to 1.4 trillion dollars of unaccounted money has been deposited secretly in overseas banks by wealthy Indians and corporate bodies.
Earlier in February 2011, legal notices had been served to 17 persons in connection with foreign bank holdings, but international agreements and legal hurdles had barred the government from revealing their identities. By Naveen Kapoor (ANI)
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