Bhure Lal said: 'If the Indian government were to take the initiative to amend our own laws, the task would not be difficult as black money was inseparable from criminal activity today.'

Highlighting how such money was adversely affecting the nation's economy, former Union revenue secretary Javed Chaudhary observed: 'The extent of India's black money stashed in foreign countries is of the order of at least Rs.10 lakh crore, that is just about 10 percent of our GDP.'

Blaming India's trade policy as a major source for money-laundering, he alleged, 'over-invoicing of exports is one of the most commonly used means to transfer black money through 'hawala' to foreign lands.'

Chaudhary opined: 'Replacement of Foreign Exchange Regulation Act (FERA) by Foreign Exchange Management Act (FEMA) was a blatant dilution of the law that was meant to check money laundering.'

Prof. R.Vaidyanathan of Indian Institute of Management, Bangalore, said: 'Over a trillion dollars out of the total 2.8 trillion dollars deposited in Swiss banks belongs to Indians.'

He added that 'a large chunk of the money belongs to Indian politicians and bureaucrats, besides business houses.'

Former Indian Air Force (IAF) chief, Air Chief Marshal S. Krishnaswamy emphasised the need to make public servants 'accountable and responsible', in order to curb the prevailing corruption levels.

Prominent Supreme Court lawyer and activist Prashant Bhushan said the appointment of a Lokpal (ombudsman) was the best means to wage a battle against black money abroad.

The workshop was conducted by V.K.Shunglu, former Comptroller and Auditor General (CAG) of India.