'Identity of 427 black money account holders established'

Opposition initiates discussion, stages walk-out after govt response

Despite the Opposition's demand to name those who had stashed unaccounted money abroad, Finance Minister Arun Jaitley on Wednesday declined to go on the "suicidal course" and asserted the government would follow a "foolproof procedure" against the culprits.

Replying to a discussion in the Upper House of Parliament on unaccounted money, Jaitley said the government would initiate prosecution against the offenders. He, however, refused to stipulate a time frame by when it would be done.

Dissatisfied with the finance minister's reply, the Congress, Trinamool Congress (TMC), Left parties, Samajwadi Party and Janata Dal (United) walked out in the midst of Jaitley's speech. The minister told the House the identity of 427 account holders abroad had been established and 250 of them had admitted to having these accounts.

The Opposition forced the government to discuss the issue in both the Houses of Parliament by attacking the Bharatiya Janata Party-led government for "reneging on its promises".

The Congress and TMC accused the government of making false election promises of bringing back unaccounted money stashed abroad within 100 days of being in office.

In his response, Jaitley attempted to reassure the House on the work done by the government in tracing back the money accrued through illegal means. "We are completely committed in our efforts to identify every account holder," he said.