Swamy’s six steps to bring back black money Thursday, 30 October 2014 | PNS | New Delhi 1 2 3 4 5 9 Senior BJP leader Subramanian Swamy on Wednesday suggested Prime Minister Narendra Modi to implement six steps to retrieve the stashed black money from abroad. In his letter, Swamy said the Government has committed “errors” in Supreme Court especially in clubbing the DTAA (Double Tax Avoidance Agreement) with the black money issue. “First error committed by the Government in the Court was to cite DTAA by bilateral treaty with the Government as an obstacle to disclosure of names having illegal foreign bank accounts. DTAA applies only to accounts of those earning abroad as residents but avoiding paying taxes….DTAA only applies when there is an income tax issue. The bulk of black money arises however from corruption, drug trafficking, terrorist financing and other fraudulent activities,” said Swamy. Outlining the six steps, Swamy said first and foremost the Government should pass an ordinance by adopting eminent jurist Fali Nariman’s private member’s bill introduced in Rajya Sabha. Nariman has introduced a private bill for declaring all illicit wealth stashed abroad as national wealth and conveying to all foreign account holders that they were obliged to bring back all such monies into Indian financial system and subjected to thorough investigation. “Review the reasons why the Exchange Earner’s Foreign Currency (EEFC) Account authorised by RBI has been bypassed leading to black money accumulated mostly in tax havens. Revise this EEFC to authorise the Indian banks to operate the required accounts in foreign currencies and refuse permission to Indian citizens seeking to open such accounts outside financial system of India,” said Swamy outlining the second step. He also sought the scrapping of Participatory Notes scheme and declaration of all the moneys under this scheme held by Indian citizens as black money. “Direct CBI to probe the disclosure that I made in a letter to the Finance Ministry about Sonia Gandhi and her son’s accounts in Sarasin and Pictet Banks in Zurich,” added Swamy. The BJP leader also urged the PM to immediately crack down the black money cases with specific instances like the cases related to Hassan Ali and Moin Qureshi. Swamy urged PM to seek affidavits from Central Ministers that they or their relatives have no undisclosed or illegal foreign bank accounts.
Posted on: Fri, 31 Oct 2014 23:58:00 +0000
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