Subramanian Swamy praises PM Narendra Modi for raising black money issue at G-20 summit

Senior BJP leader Subramanian Swamy on Sunday praised Prime Minister Narendra Modi for raising the black money issue at G-20 summit being held in Australia.

"I'm very happy that the Prime Minister has taken the line I had suggested to him in a letter on the black money," Swamy said. At a programme organised by the Institute of Chartered Accountants of India (ICAI), he said, "...now he (Prime Minister) has done a right thing. He has entered into negotiations with countries, and the black money can be brought back."

As India makes attempts to recover black money from abroad, Prime Minister Narendra Modi today asked every country, especially tax havens, to provide information for tax purposes in accordance with treaty obligations. Modi in his intervention at the summit of the Group of 20 industrialised and major emerging economies at Brisbane, called for close global coordination to address the challenge posed by black money.

Praising Modi for his steps, Swamy said "...I'm telling you that we have got one of the most receptive Prime Ministers that we have ever had in the history."

"When in the black money case they said - no no they have this condition, that condition, we cannot release more than three names and all that, I didn't encourage. I immediately criticised...

"Black money is not only tax-evaded money for which the Direct Tax Avoidance Act applies, black money has a component which now the international agencies call as red money, money made through scams, money made through drug trafficking, money made through criminal activity," he said.