Govt committed to tackling menace of black money: Prez

NEW DELHI: With the issue of black money stashed abroad coming into focus, President Pratibha Patil on Monday said the government stood committed to tackling the menace frontally.

"My government stands committed to tackling the menace frontally. It requires diligent, sustained effort by all law enforcement agencies including those of state governments," she said addressing a joint sitting of members of Parliament, marking the start of the budget session.

She expressed concern over ill effects of black money, especially that was allegedly stashed away in foreign banks either through evasion of taxes on income earned legitimately or through illegal activities.

Noting that the government has taken many steps to strengthen the legal framework, the President said a multi-disciplinary study has been commissioned to go into its ramifications for national security and recommend a suitable framework to tackle it.