Govt to issue White Paper on black money

White Paper will be issued on black money, Finance Minister Pranab Mukherjee announced in the Lok Sabha today while disclosing that government has received 36,000 'pieces' of information with regard to Indian account holders in banks abroad.

However, Mukherjee rejected Opposition demand for making public the information received, saying it would violate the agreement with foreign countries and also "dry up our source of information".

He was replying to a spirited debate on Adjournment Motion on Blackmoney moved by BJP leader LK Advani which was later defeated by voice vote. Samajwadi Party staged a walkout.

Dismissing the Opposition charge of "inaction" or "lagging behind", he said, the government was pursuing the information regarding the illegal accounts abroad rather than publicising details as the account holders could even withdraw money.

"I have got 36,000 pieces of information. If I publish it some country will say you violated the agreement...We cannot share it. If we publish the names then they will withdraw the money," he said.

"Should I publicise or go and seize it? How is intelligence collected? There is an element of surprise," he said.

The minister made it clear that names of Members of Parliament (MPs) did not figure in the information he had received from abroad.

He said revised tax treaty with Switzerland has come into force and would enable India to procure banking details with effect from April 1, 2011.