Sunday, October 26, 2014

Government Should Not Disclose Names

'Narendra Modi govt must not reveal black money holders names on India list'-Financial Express
(Read My Views here--Bank cannot Disclose Name Of Black Money Holders)

Days after PM Narendra Modi govt indicated its reluctance to reveal names of black money holders in India present in list and amid a growing clamour for naming of alleged black money holders, industry body Assocham today said the government should not prematurely disclose the names of such persons as it could hamper battle against this menace - albeit the issue has become opaque after FM Arun jaitley said he may reveal names after all.

"The double taxation avoidance treaties are important for the Indian residents and corporates which can avoid paying taxes twice. Revealing the names of individuals allegedly holding unaccounted money can make to headlines but will surely make India's battle against the menace weak. Besides, violation of DTATs will deal a severe blow to the country’s credibility," it said in a statement. 

Read My Views On Black Money __Government Cannot Disclose Names of Black Money Holders
"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 ... Impression should not be given as if there is a wild goose chase which can harm the entire jurisprudence," it said. 
It also appealed to the different political parties to see reason while exerting pressure on the government to disclose classified information about individuals or entities relating to their alleged illegal accounts abroad.
"The best course would be to bring in systemic changes so that the premium on black money is diminished and with the help of technology, transparency is taxation becomes order of the day," it added. 

Bitter Truth By Danendra Jain
Finance Minister Arun Jaitley has said that the name of persons would be disclosed as and when the cases are filed in the court. 
The government, Jaitley has said in his Facebook post, "stands committed to detect the names, prosecuting the guilty and making them public. We are not going to be pushed into an act of adventurism where we violate the treaties and then plead that we are no longer able to get the cooperation of reciprocating states...". 
Appreciating Jaitley's stand on black money issue, the chamber said it is sensible to respect the double taxation agreements as 'adventurism' could weaken India's resolve to fight the menace.

Editorial: Getting black money back

Though finance minister Arun Jaitley has stirred a hornet’s nest with his comments that a UPA minister may be on the list of those who had stashed money abroad, and whose names have been made available to the government, the minister is savvy enough to know that just holding a Swiss account may not amount to much. Which is why he has said that the government would make public the names in accordance with the law; as and when the charges are filed against these people, their names will automatically be made public. This, of course, is where Jaitley will have to really lean on his tax officials. While there is little doubt the amount of black money stashed in overseas banks can be nowhere near the amounts mentioned by the likes of either Baba Ramdev or LK Advani, the taxman has not made much progress in investigating the names of account holders it has got so far.

While the UPA commissioned three studies on black money, it didn’t come up with a concrete plan on how to tackle the black money held overseas. And the account names started coming in way back in 2008. Not only did the taxman fail to follow this up convincingly, in the case of Hasan Ali where a R1.16 lakh crore tax evasion case was made out, the finance ministry later said the case may not be sustainable. Indeed, as compared to the billions of dollars stashed abroad, the government has just recovered around
R200 crore by way of taxes and penalties.

Even now, after all the cooperation between Indian and Swiss authorities, the taxman will have to go and make out a case of illegal incomes on which no taxes have been paid. If a firm with a Swiss bank account is incorporated in a tax haven, there is no case of evasion that can be made out, even if there are billions of dollars in its account. Given that the G-20 have got together to declare war on tax havens, it is possible that some of this may change in the future when tax havens are all outlawed. Till then, if the taxman wants to catch illicit wealth, he will have to make a solid case, file it in court, and then go through the process of proving the case.

Black money in India: HSBC list has 628 names, top amount $18 mn

Only about a fifth of the individuals or entities named in the so-called HSBC black money list on India of alleged foreign account holders have acknowledged their ownership of the accounts. These individuals or entities — 136 in number — have either paid, or are in the process of paying, penalties for concealing incomes.

The HSBC black money list contains names and holdings of individuals or entities with accounts in the Geneva branch of HSBC's Swiss subsidiary HSBC Private Bank. The information was stolen from the bank by a former employee on a particular day in 2006. The list was given to India by France in June 2011.

According to documents accessed by The Indian Express, the HSBC list contains names of 628 Indian individuals or entities. The Income Tax Department has so far found matches between names and addresses in 418 cases. In 282 of these cases, however, either the account number or the balance in the account is not available.
In general, the list contains four sets of information: name, address, account number and balance.

Of the 136 individuals or entities who have acknowledged the accounts, many have pleaded that they were not aware of their existence, but would pay the tax and penalty due, senior I-T officers involved in the investigation said. Many of these 136 accounts show zero balance.

The addresses against 12 of the 418 names in the list belong to Kolkata. However, only six have confirmed that the account belongs to them.

The highest amount in the list is $ 18 million, allegedly belonging to two top industrialists.
The most common surnames on the list are Mehta and Patel. 
French authorities had secured the list from software technologist HervĂ© Falciani, who has been collaborating with several European countries tracking suspected tax evaders with accounts in Swiss banks. The list contains alleged account data on the date Falciani procured them. 
The Indian Express was the first to report in August 2011 that the French had handed over to India the list of HSBC account holders of Indian origin. The government is in the process of sending a list of 50 names from the 136 to Swiss authorities to confirm the authenticity of the information.

My Views Are Given Below

I simply ask a question to them whether they can disclose the money white or black parked in Indian banks by any Indian individual or company unless and until it is proved in court of law that the money held in account in a bank is black and not accounted for in annual return?

Common men who do not understand the intricacies of black  money and white money can be misguided to please one section or the other of political class, but cannot help in getting back black  money parked either is Foreign Bank or in Indian Bank. One may say without any doubt and without any hesitation that there is no branch of  any bank in India which can claim that they do not have accounts which are used for parking black money.

However it appears that the current BJP led government is moving in right direction without leaving behind any doubt on their integrity.

To Read Click on following Link
Media men and news analysts and Politiicans are telling lie on Black Money

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