Efforts On To Bring Black Money Back To India: Anurag Thakur

Efforts are on to bring back to India black money deposited in various foreign banks by some Indians, Union Minister Anurag Thakur said on Monday.

The Minister of State for Finance and Corporate Affairs was addressing reporters in Shimla on the completion of 100 days of Narendra Modi-led National Democratic Alliance-II government.

"Process is on. The government is not sitting idle on this matter. It's a lengthy legal process. Treaties in this regard have been done with some foreign countries, the results of which will soon be come forth," the minister said.

Previous United Progressive Alliance government did nothing despite the Supreme Court order on black money issue, he said, adding that it was Modi government which set up a commission headed by Justice AP Shah in this regard.

Switzerland has started sharing data about Indian account holders in Swiss banks under an automatic information exchange framework.

Banker and regulatory officials, however, pointed out that a large portion of the first tranche of data being shared by Switzerland relates to accounts that have been already closed due to fear of action.

Speaking about initiatives by the Income Tax department, the minister said, Faceless assessment of income tax returns will be launched on Dussehra as Modi government believes not in 'Suspect All' but 'Respect All' by paying respect to tax-payers.