Highlights: Debate on black money in Parliament

New Delhi:  After senior BJP leader LK Advani moved an adjournment motion on black money in the Lok Sabha today and accused the government of being soft on the issue, the Congress hit back at them by saying the problem of black money is a legacy issue. Here are the highlights of the debate: 

Finance Minister Pranab Mukherjee 

• Will not enter into a debate to win some brownie points
• $ 213 Billion lost by India from 1948-2008 suggest reports
• I want to have an authentic, authoritative assessment  of the quantum of black money
• If Mr Advani's yatra has raised awareness of back money, I welcome that
• We have  to deal with other sovereign countries - there are laws, international practices which we have to follow.
• Black money issue serious, must not politicise it
• Tax havens are not located in developing nations like India. They are located in developing countries. They had doggedly refused double-taxation agreements.
• They started negotiating only when G-20 countries, led by US, started putting pressure
• Today we have agreements with 60 nations; remaining 15 are in the process of negotiation.
• Even with Switzerland the agreement for sharing information has been signed in September 2010; they said they would give us prospective information.
• No country in the world got information from Switzerland with retrospective effect.
• Adavni ji spoke of dirty money; we are fully aware of it and this Parliament has a legislation on it.
• We have information on Rs. 66,000 crore of black money
• All evasion or avoidance cases are not criminal cases in this country. Neither your government did it, nor our government did it.
• Income Tax department does not administer IPC. They collect taxes, check evasion.
• If I share the information I have, our sources of information will dry up
• Disclosure of names would make offenders withdraw their money from foreign accounts, and we will not be able to trace the money.
• There is an element of surprise - how money is seized, how investigations are done.
• If there is an element of criminality, definitely the names can be disclosed.
• I am disturbed that Mr Advani quoted from a judgment in a matter that is still subjudice.
• This is a constant battle of wits between tax evaders and enforcers.
• There have to be concrete suggestions on how to bring the money back, how to locate money abroad.
• What urgency is associated with black money, that an adjournment motion had to be brought in?
• Can do much more if we bring back normalcy to House
• I will bring a white paper and share all information; there is no conflict of interest on this issue.
• We have to take concrete action to bring back black money.
• (Asks Opposition) Do you want Income Tax Act to be a criminal act?
• There is  no dearth of law; depending on the economic situation we have to take certain decisions which should not be criticized on hindsight.
  

LK Advani responding to Finance Minister's comments

• We would like the white paper you have promised to bring to mention what the quantum of Black Money
• What does the figure of Rs. 66,000 crore mean? Is that the money we have unearthed? Is that the money we have got back?
• I believe that those people who have money stashed abroad are not just tax evaders; they have made money though corruption, especially after liberalisation.

LK Advani's moving the adjournment motion on Black Money:

• Should we wait for Assange to reveal black money offenders?
• Names of 782 Indian tax evaders being kept secret
• Black money stashed abroad needs to be brought back
• Supreme Court said Government is soft on black money
• Black money used for funding terrorists
• Issue of black money never taken up in House before
• Adjournment motion is a failure of government
• Government silent on the names of black money account holders
• Rs. 25 lakh crore stashed in Swiss banks
• Government has to explain why it wasn't proactive
• Government should disclose names of those connected to Hasan Ali
• Government must bring out white paper on black money
• PM, Finance Minister must bring a law on black money

Shashi Tharoor's address to Parliament

• Wrong to say UPA not serious
• Can't name Swiss account holders
• Have to abide by treaties

Congress' Manish Tewari's address to Parliament

• Problem of black money is a legacy issue
• Black money due to economic models we have followed