'Use black money to remove poverty and promote growth'

Petition statesu00a0 that the Centre is not taking action against illegal bank account holders

The raid on city-based horse owner Hassan Ali Khan in January 2007, during which the Enforcement Directorate found that he has illegal deposits worth more than dollar 8 billion (around Rs 402 crore) with the UBS Bank in Zurich, has once again been brought to the forefront.

Six prominent personalities, including advocate Ram Jethmalani, former Punjab DGP KPS Gill and former Lok Sabha Secretary General Subhash Kashyap, filed a petition in the Supreme Court citing this case as proof that the government is not acting against those who stash black money abroad.

Retrieve money
If the Rs 70 lakh crore assumed to be stashed in banks abroad is retrieved, it would substantially remove poverty in the country and promote its development, the petition said.u00a0

PM's speech says...
Additional Solicitor General Gopal Subramanian told the court that the Union Government will file its response within 48 hours. He also said that the petitioners have not taken notice of PM Manmohan Singh's speech at the G20 summit in which Dr Singh had clearly stated that banking secrecy should end and give way to absolute transparency.

The petition, he claimed, was based on unreliable newspaper reports.

The Ministry of Finance, Reserve Bank of India, Securities Exchange Board of India, Directorate of Enforcement and Central Board of Direct Taxes have been made respondents in the petition. The matter will come up for hearing in the Supreme Court on May 4.