The Lok Sabha today passed the Finance Bill, giving effect to the financial proposals of the Central government for the fiscal 2012-13. The government will bring a white paper on black money in the current session of Parliament. Mr. Pranab Mukherjee disclosed this while replying to a debate on the Finance Bill in the Lok Sabha today. The Finance Minister said, the white paper is in the final stages of drafting.

The names of those having black money, will be disclosed once the prosecution against them begins after scrutiny. Mr. Mukherjee said, the government is awaiting the reports about the estimates of black money stashed abroad. These reports are being prepared by three independent groups. The reports are expected in July or August this year.

Mr. Mukherjee reiterated that the national economy is on the right path of growth despite internal and external constraints. He said, fiscal consolidation is the key to bring back the economy on high trajectory of growth to which the government is committed. 

Expressing concern over the high current account and fiscal deficit, Mr Mukherjee said, concrete measures are the need of the hour to overcome the situation. He said, during the period of economic slowdown, the government infused a stimulus package of one lakh, eighty-six thousand crore rupees for fiscal growth. He also said that the implementation of Direct Tax Code, DTC, and Goods and Services Tax, GST will help the country in achieving major tax reforms.

On the Vodafone issue, the Finance Minister said, the Parliament has constituent powers to rectify any judgement of the Supreme Court. He said, India is no tax haven. The company has to pay tax either in the country of its origin or in India where it is working. Mr. Mukherjee underlined that the country is going to have a record food production of 253 million tons this year. Referring to the shortage of food grains storage facilities, he said, the jute mills have been asked to step up their output of bags to supplement it.

Leader of the Opposition, Sushma Swaraj complimented the Finance Minister for withdrawing taxes on branded and unbranded jewellery in keeping with the sentiments of jewellers across the country.