Lok Satta demands seizure of black money Secreted in Swiss banks

The Lok Satta Party today demanded that the Government of India unearth and seize nearly 70 lakh crores of rupees stashed away in Swiss banks by Indian politicians and others. The huge money would come in handy to take up infrastructure and other projects that generate employment and reverse the downturn in the Indian economy.

The State Council of the Lok Satta Party, which met here today with party President Dr. Jayaprakash Narayan in the chair, recalled that the Swiss Government as early as in 2006 had told the Government of India that it was prepared to give details of Indian’s deposits in Swiss banks if it made a request. The new disclosure norms came into force following the abuse of the system by terrorist elements. Strangely, both the Government and the Opposition parties have not bothered to pursue the Swiss offer for obvious reasons.

The resolution pointed out that a crore of acres can be irrigated with an investment of Rs. one lakh crore, and the entire arable area in the country can be irrigated with an investment of Rs.25 lakh crore. The remainder of Rs.45 lakh crore can be utilized to build roads and industries and provide employment to millions of the unemployed.

Briefing the media, party spokesman Katari Srinivasa Rao and Working Committee member Laxman Balaji said that the resolution called upon the party cadre to ensure that the Lok Satta was voted in the next elections since it alone could initiate measures for getting the black money secreted in Swiss banks by Indians.

The State Council meeting was attended by about 300 members comprising presidents of district and municipal corporation units, and elected and nominated members.

The party set a new trend when candidates contesting for various posts had to make a presentation to the delegates as to why they should be elected.