Guntur, January 28: Telugu Desam supremo Nara Chandrababu Naidu has flayed the Union Government for citing the absence of legal framework with foreign countries as a major hurdle to bring back the black money stashed by Indians in banks abroad.
Speaking after hoisting the national flag at the TDP office in the city today on the occasion of Republic Day, he termed Union finance minister Pranab Mukherjee’s statement on the black money issue a lame excuse. The Congress-led UPA Government had lacked commitment to bringing back the black money stashed in foreign banks by Indians, which could be used for the development of the country, he said.
‘‘Corruption is rampant in the country under the Congress regime. Though more than 50 per cent of Indians are living below the poverty line, over Rs 64 lakh crore black money has been stashed by some rich and influential people in foreign banks,’’ he said.
The TDP president demanded that the Union government reach legal understanding with countries like Switzerland and Germany to bring back the black money from foreign banks.
Contrary to the rise in GDP growth rate of the country after economic liberalisation in 1991, the number of people living below the poverty line has also increased manifold, he said.
–Agencies