The Supreme Court has issued an ultimatum to the government on the issue of black money in foreign banks including Swiss Banks. The apex court has asked the government to register cases under money laundering act and put more pressure on the Switzerland government to provide details of the black money stashed in the banks in that country. The Supreme Court has asked the government to examine all details and revert by July 20.

The apex court issued the directive on a PIL, which alleged that the government failed to file an affidavit within 48 hours, as promised to the apex court on April 22. The next hearing of the case will take place on July 20.

While Prime Minister Dr. Manmohan Singh and the Congress Party have dismissed the black money issue as a political campaign and accused the BJP of raking up the issue to derive political mileage, the Supreme Court's observation came as a jolt to the government during the election season.

The UPA Government told the court that it has already directed the Income Tax and Wealth Tax officials to investigate the matter and take appropriate action, if necessary.

The PIL filed by eminent lawyer Ram Jethmalani and others, accused the UPA government of showing no urgency in retrieving Rs 70 lakh crore worth of black money stashed in foreign banks. The Congress has accused the BJP of inflating the figure, which is based on sheer imagination.