Government to Reveal Names of Black Money Account Holders
The Central government may reveal the names of three Indians in an affidavit to be released today. A prosecution was launched against those involved for hoarding black money in foreign banks.
The government will disclose the names to the Apex Bank of India in a sealed envelope later today. Then further hearing will be conducted on the petition for retrieval ofthe black money.
Government will reveal the names after complete analysis as they don’t want to violate the right to privacy under Reserve Bank of India rules,according to the rule an Indian can deposit up to Dollar 1,25,ooo per year in a foreign Bank.
Prime Minister Narendra Modi promised during his election campaign that he would bring the black money back to India and would take strict measures against corruption and it seems that the government is keeping its promise.
The government is creating pressure on Switzerland to get information about the Indians who have parked their money in highly secretive banks in the country.
Supreme Court has directed to set up a high powered investigation team that is headed by retired Judge MB Shah, who will look into the issue.
Finance Minister Arun Jaitley
Finance Minister Arun Jaitley recently said that the list of holders would embarrass Congress party. Ajay Maken, general secretary of the opposition party (congress) said that the Government should come out with a proper analysis.
The issue of Black money has launched a new war between the ruling party and Congress.
Reacting to Jaitley’s statement Congress is saying that “BJP can’t blackmail them, whatever list they have they can reveal”.
BJP is saying that they cannot make their list public because the details that are given are by countries with which India has a double taxation avoidance agreement.
DTAA refers to a tax treaty that is bilateral economic agreement between two nations that aims to eliminate double taxation of the same income in two countries.
Well, the names will be soon submitted in the apex court and the list will be out today. Let’s see how the culprits are prosecuted and how effective is the apex court in bringing back the black money to our country.