According to Global Financial Integrity -- a non-profit organisation -- the estimated value of illegal financial flows held abroad is around $500 billion.

"While calculating this into Indian money, the amount comes up to a whopping Rs 22.5 lakh crore (Rs 22.5 trillion).

"As per Konrad Hummler, chairman of the Swiss Private Bankers Association, $1 trillion -- out of the $2.8 trillion -- in Swiss banks is black money.

"WikiLeaks founder Julian Assange had also said that a majority of the funds stashed away in the Swiss banks belonged to Indians. This would mean that out of the 1 trillion Swiss francs more than half could be owned by Indians. This alone comes to more than $500 billion (1 Swiss franc = 1.2 US dollars). And this is only bank deposits.

"While these are just statistics, the key question is how do we bring back this money . . . If the government is serious about it then it can very well bring back this money. However, the seriousness of the government in this matter is very crucial in this case."

A delegation led by the Prime Minister of India himself must speak with the Swiss officials regarding this issue. However, this need not be in public glare and there is no need to disclose names and things like that.

"The intention should be to bring back the money. Why I am saying that the prime minister should head these talks is because only then will the seriousness of the issue be known to the country in question.

"Now bringing back this money may not seem as easy as it sounds. When we speak with the officials concerned in those countries, we need to tell them to return this money. However, we should also offer to pay 20 per cent tax on the amount while bringing it back. This would make the process easier and also more convincing.

"The other question now would be what happens to the persons who have stashed away their money in these banks.

"If the money is earned through legitimate means then that person could move the Reserve Bank of India and make a claim. He would need to prove that the money that was stashed away was earned through legal means and would have to submit proof for the same.

"However if the money has been earned illegally then he may as well forget about it."