"We will not be able to bring back blackmoney from Switzerland in our lifetime," said Nishikant Dubey, MP from Godda in Jharkhand, in the Lok Sabha while participating in a debate on Finance Bill.
Dubey, who was the first member from the Treasury benches to speak on the issue, said, "We cannot bring it back because people have formed trusts. Citizens of Switzerland are employees who hold the trust.
"When you ask for money and names, you will seek names of Indians. There is no question of asking the name of the trustees. And if we don't, then how will we get back blackmoney from Switzerland," he said.
The Narendra Modi government had only last month asserted in Parliament that it is "determined to rid the country of the scourge of corruption and the menace of blackmoney" stashed in foreign banks.
"As a first step in this direction, the government has already constituted an SIT to unearth blackmoney stashed abroad. This will be followed up vigorously by proactively engaging with foreign governments," President Pranab Mukherjee had said in his address to the Joint Sitting of Parliament last month while outlining the vision of the Narendra Modi government.