No amnesty scheme for bringing back black money: Veerappa Moily

BANGALORE: The government on Friday said an amnesty scheme for bringing back black money is not on the cards though it is working on regulatory mechanisms to eliminate its root cause in the face of "lots of legal impediments" to target those funds stashed abroad.

Asked if there is a move for an amnesty scheme to bring back black money, Union Corporate Affairs Minister M Veerappa Moily said, "Whether the amnesty scheme will bring back the money or it's healthy for a country is a matter still under debate."

There are methods such as double taxation and "many other channels", he said. "Now, we got back the money," he said without elaborating.

"In fact, the present measures taken by the Finance Minister is helping us (to have go at black money). Ultimately, they (the measures) will also dissuade the black money being augmented.

"Amnesty scheme is not the only answer," he said and stressed that in practical terms, one has to eliminate the root cause of black money, whose generation would have to be eliminated.

He said the government is working on many systems, including regulatory mechanisms to ensure that such money is not only got back but they are not generated.

"We are towards that. Not exactly how we can get that money back. There are legal impediments (to get the black money back from overseas). Law of our country may not be in consonance with some of the respective countries. So, getting the money back is not an easy thing," Moily said.

"There are lots of legal impediments," he said.