Didn't promise return of black money in 100 days: M Venkaiah Naidu

The Opposition on Thursday continued its attack on the Bharatiya Janata Party (BJP)-led government on the issue of unaccounted money.

When Opposition members in the Lok Sabha reminded the government about the BJP's election promise of bringing back the unaccounted money stashed abroad within 100 days, Parliamentary Affairs Minister M Venkaiah Naidu told the House his party wasn't "that immature to say all the black money can be brought back within 100 days".

He added the government had committed to initiating a process to bring back such money within that time. This, he said, was achieved with the formation of a special investigation team at the government's first Cabinet meeting.

Replying to a discussion, Finance Minister Arun Jaitley said the government was moving towards a tax-friendly regime. "Our tax system has to be friendly with taxpayers and that is what we are trying to do, step by step," he said. He added higher tax rates didn't necessarily mean more revenue collection. "Direct and indirect tax rates have to be brought to reasonable levels so that the basket increases and there is no incentive for evasion," he said.

The finance minister detailed the steps taken by the government to unearth accounted money, reiterating his statement in the Rajya Sabha on Wednesday. He said those demanding the names of people with black money abroad be disclosed would be helping such offenders. "Some account holders have already withdrawn money (from offshore illegal accounts)...We necessarily do not need to show bravado and adventurism," he said.

Following this, members of the Congress and the Trinamool Congress staged a walkout, saying they weren't satisfied with the minister's reply.

The discussion was also marked by a sharp exchange of words between Venkaiah Naidu and Trinamool Congress leader Sudip Bandyopahdyay.

P Srinivasa Reddy, member of Parliament from Khammam in Telangana, suggested India change its laws to become a tax haven, as Switzerland and Cyprus had.