Finance minister Pranab Mukherjee once again assured the Lok Sabha yesterday that the government was serious about the issue of bringing back black money – but did not outline any specific steps for doing so. He has made similar promises earlier as well. 

Replying to the debate on General Budget in the Lok Sabha on Friday, Pranab Mukherjee repeated his earlier insistence, saying, ''We shall have to first go with the legal framework and we have done it,'' even as he acknowledged that there has not been as much progress as envisioned. 

In this context, he repeated the references to the double taxation avoidance agreements (DTAA) and tax exchange information agreements with various countries thought to be tax havens.

Besides, he said government has intensified search and seizures leading to unearthing undisclosed income of Rs25,000 crore in the last 24 months that yielded Rs7,000 crore as additional tax. Through direct ways of international taxation, an additional amount of Rs34,601 crore was realised. 

Referring to the BJP task force report on black money, which, in its interim recommendations, estimated the quantum of such untaxed money at between $500 billion and to $1,400 billion, he said the range is unrealistically high. Now, he has set up a group to quantify black money and promised to share the report as soon as it becomes available. 

Another figure quoted by BJP senior leader Murli Manohar Joshi was from Global Financial Integrity for the past 60 years, from 1948-2008. ''By juxtaposing the exchange fluctuations, it comes to about $462 billion,'' he said. 

Except for setting up the group to assess the quantum of money stashed abroad, Mukherjee had no forward plans to offer. He informed that the government has completed the DTAA with 23 countries, including Switzerland. After the Swiss government completes its ratification process, information would start flowing in. 

Similarly, with Bermuda, the Isle of Man, St Kitts and the Cameron Islands, India has signed tax exchange information agreements. 

After the Pittsburg Summit and Seoul Summit, an atmosphere was created to impress upon some countries reluctant to sharing banking information to do so. Mukherjee referred to those indulging in financial crimes resorting to new technology with which even the government is catching up and 36 persons are being trained to develop expertise in transfer pricing mechanism. 

Through the transfer pricing mechanism, Rs33,784 crore was detected and prevented from being siphoned out of the country. Mere anxiety to get back black money does not pay, he said.

Narrating a personal experience, Mukherjee said during the Emergency, when similar sentiments were running high, he had ordered raids in a very important family, which he did not identify. ''It was not a fruitless raid. One tonne of primary gold with Swiss markings was discovered. Later on, with the change of government, I was accused of causing Emergency excesses and I was put in the dock before the Shah Commission,'' he said and urged the members not to indulge in rhetoric.

India's activities against money laundering and black-marketing are being recognised and India has become the 34th member of a world body and vice-chair of one of the important international organisations dealing with money laundering and black money, he said.

Mukherjee acknowledged that a lot of improvement has to take place.