SC to examine plea on black money today

NEW DELHI: The Supreme Court will examine the plea seeking direction to the Centre to take steps to bring back the huge amount of unaccounted money illegally deposited with the foreign banks and financial institutions. Former Union law minister Ram Jethmalani and others have approached SC saying Rs 70 lakh crore purportedly stashed in foreign banks, if retrieved, could solve the problem of poverty in the country and promote development.

They urged SC to direct the government to initiate steps with the foreign banks, particularly the UBS Bank, Switzerland, for freezing the accounts of Indian businessmen, politicians and other influential persons illegally holding their assets in such financial institutions.

A three-judge bench, headed by Chief Justice K G Balakrishnan, on Tuesday asked the petitioners to mention the matter before it on Wednesday so that it could examine the plea.

Senior counsel Anil Diwan appearing for petitioners made an impromptu mention before the bench for an early hearing on the matter.

According to petitioners, the unregistered foreign investment institutions had entered the stock market through participatory notes and as such their credentials were not known.