Black money: Don't doubt Modi govt's intentions; recovery process should be faster, says Baba Ramdev

NEW DELHI: Expressing confidence in the intentions of PM Narendra Modi-led NDA government, Baba Ramdev on Wednesday said that there is need to pick up pace in the fight aganst black money. "I have confidence in the leadership and intentions of the Modi government. However, the pace of work towards bringing back black money is slow, that should be increased," he told Times Now.

"I am still assured of Modiji's intentions. If the work towards bringing back black money gathers pace, then the atmosphere of distrust can be dispelled. The government should also take big and effective steps to bring back the black money," he stressed.

"The government should follow immediate steps to bring back black money stashed abroad; the government should disclose the amount of black money abroad. While it takes time to probe names, the amount can be disclosed," he said.

Baba Ramdev went on to say that black money is harmful for the world as a whole. "It is being used for terrorism," he said. "The HSBC list from Germany is like a drop in the ocean. Majority of the black money is stored in UBS, their secrecy laws are very stringent," he added.

Baba Ramdev is of the opinion that a policy should be introduced where people are encouraged to declare their assets and are assured of no trouble from the government.

The government on Wednesday submitted the list of black money account holders to Supreme Court in a sealed envelope. The list contains the names of 627 people. The centre provided a list of persons having accounts with HSBC Bank in Geneva, given by France.

The Supreme Court refused to open the sealed envelope saying that the documents will be placed before SIT. "Only the SIT chairman and vice chairman can open the sealed envelope containing names of account holders," the apex court said.

SC said that the SIT will decide what further action is to be taken on black money issue. It asked the SIT to submit status report of its probe by November-end. The apex court has also allowed the Centre to put forth its grievances regarding various treaties with foreign countries before SIT.

The list was submitted a day after the apex court had directed the Centre to pace before it the names of those holding black money overseas.