New Delhi:
The Supreme Court has criticized the government for its reluctance to reveal publically the 26 Indians who hold accounts, allegedly for black money, in Germany's Liechtenstein Bank.
"It is a pure and simple theft of national money. We are talking about a mind-boggling crime, not niceties of various treaties... This is the plunder of the nation," said the court.
The government has submitted the names of the account-holders to the Supreme Court but says these names cannot be made public because it would violate an agreement between India and Germany.
The case is based on a petition filed by former Law Minister Ram Jethmalani and others to retrieve black money being held in foreign banks.
"There is no instant solution to bring back black money. We have got some information from one country. We will use it to collect taxes," said the PM today.
The Centre has told the court it is trying to work out Tax Information Exchange Treaties with countries like Saudi Arabia, China and the UAE that will help India to trace black money and check tax evasion.
The most important of these is the Indo-Swiss Tax Treaty, approved by a Swiss Parliamentary Committee, and expected to be introduced soon. Through this, India will be able to request Switzerland to provide more information on certain accounts of Indians in Switzerland.
Though this could deter future tax evasion, sources say it will be tough to get information on old transfers.
The case in the Supreme Court will next be heard on the 27th of this month when the government will have to explain to the court why the names of the account-holders should not be made public. (With PTI Inputs)
"It is a pure and simple theft of national money. We are talking about a mind-boggling crime, not niceties of various treaties... This is the plunder of the nation," said the court.
The government has submitted the names of the account-holders to the Supreme Court but says these names cannot be made public because it would violate an agreement between India and Germany.
The case is based on a petition filed by former Law Minister Ram Jethmalani and others to retrieve black money being held in foreign banks.
"There is no instant solution to bring back black money. We have got some information from one country. We will use it to collect taxes," said the PM today.
The Centre has told the court it is trying to work out Tax Information Exchange Treaties with countries like Saudi Arabia, China and the UAE that will help India to trace black money and check tax evasion.
The most important of these is the Indo-Swiss Tax Treaty, approved by a Swiss Parliamentary Committee, and expected to be introduced soon. Through this, India will be able to request Switzerland to provide more information on certain accounts of Indians in Switzerland.
Though this could deter future tax evasion, sources say it will be tough to get information on old transfers.
The case in the Supreme Court will next be heard on the 27th of this month when the government will have to explain to the court why the names of the account-holders should not be made public. (With PTI Inputs)
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