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May 11, 2015

Black Money Bill is toothless: Trinamool in Lok Sabha

Black Money Bill is toothless: Trinamool in Lok Sabha

Speaking on behalf of the party in Lok Sabha, Chief Whip of Trinamool Congress in the House, Kalyan Banerjee today said that the Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 was toothless and would not not bring back black money to the country.

Kalyan Banerjee, who is also a senior advocate, said that the Bill only serves a political purpose and is toothless legally. “Do you think a person who has black money will keep it in a nationalised bank and then transfer it over the internet?” he asked.

He advised the government that the time for words was gone and it was now time to act. He reminded the Centre of their promises of bringing back black money within 150 days.

Kalyan Banerjee also pointed out that this quasi-judicial Bill has no provisions to prevent the generation of black money within the country. Calling the Bill “old wine in a new bottle” he said the provisions of the Bill were akin to the IT Act.

Urging the government to ” do something meaningful”, he promised of all support to prevent the stashing of black money in foreign banks.


Full transcript of Kalyan Banerjee’s speech