Black money in Swiss banks won’t come back: BJP MP

New Delhi :  In a big blow to the ruling party’s pre-election promise that it shall get back the black money stashed in Swiss banks abroad, a BJP MP, Nishikant Dubey, has said that this cannot happen in their lifetime.

‘‘In our lifetime, we cannot get back this black money stashed in Swiss banks. This is because the money is held in trusts, which have the local Switzerland residents as trustees, who in turn are the employees, and not Indians,” said Dubey while participating in the debate on the finance bill.

Dubey was the party’s lead speaker and is regarded as a knowledgeable person on economic affairs. He dwelt at length on various aspects of the economic situation, but his observations about a subject, which has been one of the campaign issues for which the party had blamed the previous UPA government, are seen as a reality check.

The black money issue has also been the main talking point for Baba Ramdev, the favourite yoga guru of the Prime Minister Narendra Modi, as well as the finance minister Arun Jaitley. It has been argued by all of them that it was the lack of political will on the part of the previous government as well as its desire to protect the black money holders that had prevented the country from getting its wealth. It has been also argued that should this black money be brought back, then the country would not have to depend on any foreign direct investment for funding the development projects. The NDA government has set up a Special Investigative Team for this purpose, and the BJP MPs have made a declaration that they do not have black money stashed abroad. Dubey, who hails from Jharkhand, also observed that the government just has a prospective agreement with the Swiss government and not a retrospective one, and wondered as to how they could get back the black money that has accumulated in the past.

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