"To me, the black money referred to the one which is undeclared or tax evaded. But there are many like Jindals, Birlas etc who have their business spread in other countries and have deposited their money in the banks there. How can that be referred to as black money," Singh told reporters at Jodhpur civil airport.
He arrived in the city to attend a private function.
Singh said there was a "tremendous hype and hoopla" over the black money in the country and bringing it back. "But there is a drastic need to define the black money first," he argued.
Singh came to Jodhpur amid speculation of his nomination for Rajya Sabha from UP with the help of Samajwadi Party, which was triggered by his meeting with party supremo Mulayam Singh today.
He, however, refused to comment on the issue and striking a philosophical note, said,"who knows what happens tomorrow."