Black Money Issue : A List, Names and Black Money. ( Common Mans Understanding) Oct 17, 2014 Headlines : Government cant make the list public for now Government View : As per treaties which bounds a government to reveal the names in public until charges are pressed against these account holders or atleast legal process is initiated against such account holders. Oct 27, 2014 Headlines : Government reveals names of 3 black money account holders. Government View : Legal process initiated against these 3 account holders, more names will be revealed as and when charges are framed against others. Oct 28, 2014 Headlines : SC raps Govt, wants the entire list on Oct 29 Government View : SIT was formed after the first cabinet meeting of NDA government. List of 600 odd people was given to SIT on 27th June which was formed under supervision of Supreme Court. Government is still not making it public, it will be given to SC to do whatever it wants. As per my Understanding of this issue : 1) Priority for SC is to know all names (available as of today) irrespective of treaties and negotiations being made currently with countries. However government is interested in recovering black money of all Indian black money account Holders. 2) Although the list will be provided to SC via SIT or Government, SC will get the names in a sealed envelope. In orders passed by SC during 2011 and 2012, only names that were requested where charges were either framed or legal process was started. However UPA did nothing, infact they rejected SCs request to frame an SIT or reveal name. Instead they gave amnesty to 100 account holders. 2) Its important for everyone to understand that the list of 600 odd people is a list currently available to SIT under SC. This list is only a very small portion of entire black money account holders. 3) Important : Swiss is not the only tax heaven and the list from Swiss is not the only list that India is supposed to get. Apart from getting the list, India still has to get a lot of details from swiss authorities to complete investigation on each account holder. Just by having names in hand cant make a legal case against an black money account holder. After list and details about transactions, government also has to recover money with the help of authorities through legal help. (pib.nic.in/newsite/PrintRelease.aspx?relid=110667) 4) Now, how can India get the list, details and actual black money of all Indian account holders, which is outside Switzerland where government hasnt started discussions yet? If at all there is a treaty which bounds a government from declaring names and suppose names are leaked without framing charges (which can only be done after proper investigation) then India should simply forget about recovering black money. Countries supplying black money details, will not indulge in negotiation with Indian government as they are aware that government will simply reveal names of all people holding accounts in their bank. Note: Many people have legal accounts in Foreign banks. Only account thats illegal where account holders havent either declared it with Income tax department or didnt pay taxes as per their asset. Nor all account holders in foreign banks are illegal black money account holders. This can only be proven with continuous discussion with authorities of these countries. 5) Now that SC will get the list of only 600 names to begin with, what will be done with that list? SC Judges wont investigate on its own, it will be done through an authority which is most likely SIT again. SIT will then get in touch with Enforcement Directorate, IB, RAW, IT department to investigate individual cases. So this is what government did, gave the entire list to SIT to get details about each account holder. This is what happened on 29th Oct. What went wrong (if at all something): To me its a clear case of improper communication. Instead of being proactive in the entire case, Indian government, finance ministry and AG were reactive to the situation. Government is also facing a situation where people want to know every detail and they are failing here in communicating point to point information (precise). List of names were given to SIT on 27th June so there was no intention to hide any name. They were probably building a strong legal case. I can understand such eagerness and expectation from people of this country; i also found it surprising that the list was available with government since 2012 but somehow never found SC playing like an activist from 2012 - 2014. Things have finely changed in last 4 months. I am really not sure, if its because of Judge appointment act which was modified by the government to include more stakeholders in selection of judges. In the end, I trust Modi government and i can see that they are in the right direction to recover black money. However who will be held responsible if other countries denies to provide/pass any information in future sighting this immature behaviour. Remember we only have few names and not the entire “black money” of indian account holders.” Anyways if you trust modi government then give them time to complete the work that they started after forming SIT. If you dont trust modi government then a series of slaps and questions can be discussed forever. Most Important Note : I am not an expert - Shailendra Singh
Posted on: Wed, 29 Oct 2014 09:44:19 +0000
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