mangaluru union minister of commerce and industry nirmala sitharaman said on thursday that the government will cut off the round tripping of black money with the cooperation of foreign countries elaborating on the centres fight against black money the minister at an interaction programme organized by the bjp dakshina kannada district unit said there is a suspicion that black money from india was going out of india and coming back as investment funds there are few countries where you didnt have to pay taxes neither that of india nor theirs this money would go there without taxes and come back and it could be invested in india and the money becomes white in common parlance this is referred to as round tripping of black money this was happening and negotiations were happening long back but it was just put in the backburner we took it up spoke with cyprus mauritius and singapore now because of the treaty we have signed with cyprus mauritius and singapore we can be sure that this round tripping will be cut off nirmala said the government is not acting only against indians who have black money we are taking care of black money outside too similarly we had an agreement with switzerland which will now share information of every indian account which is being held in their country from 2018 the data will be given to us so by the end of 2019 you will come to know who are holding accounts some may be genuine or some may be illegal but action can be taken officially for this we had to negotiate with switzerland more negotiations will happen she assertedtalking about investment of black money in real estate sector the minister said even tax paid genuine account holders withdraw lump sum cash and with that probably pay half their real estate purchases i want to buy a flat probably from tax paid amount i pay a certain amount in cash which is in 7030 or 4060 ratio depending on the city where you are buying it tax paid money too is becoming black the cash based expenditure attitudinal behavior has come into play and you end up being part of that system it is important for a government to address these issues because ultimately black money gets generated somewhere in the form of currency notes it is currency notes which triggers black money in india and helps people stash it in bathroom and other places even genuine honest citizens of india are driven to be a part of a scheme where transactions go unaccounted she explainedin 2014 a study was conducted by tufts university in collaboration with the national institute of bank management pune their study said 87 of the transactions in india are cash based the white paper on black money prepared by the department of revenue in 2012 mentions that black money is estimated to have increased from 1518 of the gdp to 19 of the gdp between 197576 and 198384 she