Black money debate in Parliament: As it happened on Thursday

New Delhi: The government on Thursday faced flak in the Lok Sabha for yet another day on the black money issue, with the opposition parties asking it to give a timeline by which the money stashed abroad would be brought back to India. Referring to the steps being taken by the government to unearth black money, Finance Minister Arun Jaitley said government has identified 427 account holders associated with HSBC list and efforts are on to complete tax assessment by March 31, 2015. 

Here are the updates as they happened:

• Asserting that government will not rest till the last account is disclosed, Jaitley says, "We are on right legal path... They (Black money holders) will be punished and forced to bring money back in the country."
• Of the 28 accounts in Liechtenstein on which Germany had information, 18 accounts were illegal. We have concluded income tax proceedings, given the tax dues and the penalty. And cases have been filed against them, says Jaitley.
• Those pushing for early disclosure of names are helping black money holders as it will alert them. We have to move carefully: FM
• We will try to complete tax assessment of 427 identified account holders in HSBC list by March 31, 2015: Jaitley
• Some offshore account holders have withdrawn their money, says Jaitley
• Cannot breach confidentiality clause: Finance Minister 
• The issue of black money is serious, both inside and outside the country: Jaitley
• Do not want to add political colour to black money issue: Finance Minister Arun Jaitley in Lok Sabha
• BJP govt made clear that we will bring back black money, sadly Opposition is acting like it doesn't know the truth: Sambit Patra
• I'm confident that the Modi Govt will bring back black money, says Baba Ramdev
• Govt has nothing to hide on black money, says Venkaiah Naidu

Also Read: Have nothing to hide on black money, says BJP

• Rajya Sabha adjourned till 2 pm as uproar continues.
• TMC MP's remarks causes uproar in Rajya Sabha

Also Read: Centre favours Adani Group, alleges Trinamool

• TMC MP Derek O'Brien raises issue of PM Modi-Adani relations
• Rajya Sabha reassembles
• After black umbrellas, TMC MPs reach Parliament in black shawls to register protest over black money

Also Read: Now black shawls to raise black money issue in Lok Sabha

• TMC MPs continue protest over black money issue outside Parliament

Also Read: Congress creates uproar in RS over naming of Hyderabad airport

• Protest by Congress MPs force adjournment in Rajya Sabha for 10 minutes.
• Congress MPs create ruckus over renaming of Hyderabad airport.
• Both Houses of Parliament convene for normal business

Union Finance Minister Arun Jaitley, while speaking in the Parliament yesterday, assured that the NDA government will pro-actively chase the offenders and not stop till the last account is identified.

Also Read: Govt committed to identify every black money account holder, says Jaitley  

Finance Minister also disclosed in Rajya Sabha that 250 account holders out of a list of 627 names provided by HSBC, Geneva, have admitted to having accounts but the almost the entire opposition walked out saying they were "disappointed" with his reply to the debate on the issue.

Criticising Finance Minister's statement on black money in the Rajya Sabha, Communist Party of India (CPI) leader D Raja said that the government lacks political will on the issue.

"We are not satisfied with the reply of the Finance Minister on the issue of black money. They had said that the people will be credited with certain amount within 100 days, but the government lacks political will regarding black money issue," he told the media outside the Parliament here.

Expressing dissatisfaction with Jaitley's response on the black money, Congress leader Anand Sharma said the government has made a fool of the people by making such failed promises.

"Jaitley has not made a clear answer on bringing back black money. They have not lived up to their promises and made a fool of the people," he said while emphasizing that the Congress never made such promises.

Sharma said that his party is not satisfied with the response of the government on the issue.