India to name 3 black money account holders


The Modi government will disclose the names of three black money account holders in an affidavit to Supreme Court on Monday. The account holders are not political personalities, said sources.
supreme courtThe Centre will disclose more names of account holders to the court as and when prosecution in the case is launched.
The government had earlier told the Supreme Court that it cannot reveal names received from other countries — of Indians who have allegedly stashed undeclared or black money in foreign accounts — because that would violate existing tax treaties with these countries.

Assocham opposes the move

Industry chamber Assocham on Sunday said premature disclosure of names of Indians with allegedly illegal bank accounts abroad will hurt India’s battle against black money.
It said the confidentiality clause under the Double Taxation Avoidance Treaty (DTAT) comes in the way of making public the identity of the account holders.

“The double taxation avoidance treaties are important for Indian residents and corporates which can avoid paying taxes twice,” Assocham secretary general D.S. Rawat said in a statement.
“Revealing the names of individuals allegedly holding unaccounted money can make headlines but will surely make India’s battle against the menace weak. “Besides, violation of DTATs with 88 odd countries will deal a severe blow to the country’s credibility, he added.
“If names are placed in public domain and those named finally do not get convicted, there would be immense damage to the reputation of the individuals or entities which can harm the entire jurisprudence.”
Complimenting Finance Minister Arun Jaitley for taking a practical approach on the issue, Rawat said: “As the issue is also sub judice, the government will surely be cooperating with the Supreme Court in reaching to bottom of the problem, but the same cannot be done in full public view.”