Need cooperation from Swiss banks to bring back black money, says SIT chief

Chief of the Special Investigation Team (SIT) on black money, Justice M.B. Shah, on Sunday said it was not difficult to bring back the black money to the country but added that it would require cooperation from the Swiss banks.

"Inquiry is going on, but how much time it takes cannot be said. It's not difficult to bring back black money but if the banks of Switzerland will cooperate then the money will come back," Justice Shah told ANI.

He added that nobody knew yet how much money was stashed abroad and how much of it could be brought back.

"It's good for the country to bring back black money, but as of now nobody knows how much can be brought back and how much is abroad and even I cannot say anything on it," he added.

Attorney General Mukul Rohatgi had earlier on Wednesday submitted three sets of documents, containing the list of 627 people having illegal accounts in foreign banks to the Supreme Court in a sealed cover. The government had also submitted a status report in a sealed cover.

The apex court, which directed the investigating agency to submit the status report of its probe by the end of November, said only the SIT chairman and vice-chairman can open the seal.

Justice Shah also reiterated that the names of those in the list could not be divulged as it would violate international agreements.

"There are many NRIs in the list but the money which they keep abroad cannot be touched, but inquiry was being done for the rest. Roughly 200 persons are being inquired," he added.

Earlier today, Prime Minister Narendra Modi in his second radio address to the nation said that he would work to ensure that every single penny of black money is returned back to the country.

"About black money, please trust this 'Pradhan Sevak' (First Servant of the Nation), it is an article of faith for me. This is my commitment. I will leave no stone unturned to bring back black money. I assure you, I will not be held back in bringing back whatever the amount, don't know the numbers yet, many numbers are floating around," said Prime Minister Modi.