Black money in foreign banks amounts to plunder of nation

New Delhi: The Supreme Court on Wednesday expressed displeasure over the government’s reluctance in coming forward with full information on the black money stashed by Indians in foreign banks, saying it as a theft of national wealth and amounted to “plunder” of the nation.

“It is a pure and simple theft of the national money. We are talking about mind-boggling crime. We are not on the niceties of various treaties,” remarked a bench comprising justices B. Sudershan Reddy and S.S.Nijjar, while hearing a petition by former Law Minister Ram Jethmalani and others for retrieving Indian black money stashed in foreign banks.

The remark by the bench came when Solicitor general Gopal Subramanium was explaining various steps taken by the government under the Double Taxation Avoidance Act.

The court was unhappy that the government filed an affidavit restricting information relating to the money deposited by 26 persons in Liechtenstein Bank in Germany.

“This is all the information you have or you have something more?,” the bench asked.

“We are talking about huge money. That is plunder of the nation,” the bench remarked.