Indians have Rs 500 lakh crore black money: Ramdev

Claiming that black money to the tune of Rs 500 lakh crore (Rs 500 trillion) was stashed by Indians in foreign banks, yoga guru Baba Ramdev has advocated for bringing that money back home.

Continuing his tirade against corruption, he said if brought back, the huge amount of black money could change the economy of the country.

"The finance minister in his Budget Speech was categorical in admitting that black money and corruption were the two major concerns for the country. But the steps he pledged to take are not sufficient," he said.

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He said looters in high posts should be prosecuted and the money looted by them should be taken back..

"Unless exemplary punishment is given to these looters, such corrupt practices will continue," he said.

Questioning the rationale behind existence of branches of four Swiss banks and eight Italian banks in the country, he asked, "Who are the people who keep money in these banks? Of course, it is not the common man."

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Alleging that the lawmakers themselves do not follow the law of the land, he said, "Almost 80 per cent of the Budget is non-plan expenditure, while 20 per cent is for planned expenditure for developmental projects. Of this 20 per cent, 80 per cent is goes into corruption and the remaining little is spent for development."

On bills like the Right to Education, he said: "When the country has a shortage of 20 lakh (2 million) teachers, what can the RTE do in improving the education scenario?"