Jaitley says details on black money after probe

Jaitley says details on black money after probe

Move would jeopardise bilateral treaty: FinMin

Jaitley says details on black money after probe

After outrage over the NDA government’s stand on black money issue in the Supreme Court, Finance Minister Arun Jaitley clarified that names of slush money hoarders will be made public once probe is completed and charge sheet is filed in courts.

Jaitley said revealing the information now would compromise the probe and “break the bilateral double taxation avoidance treaty (DTAT) with countries like Germany that bar disclosures outside investigative mechanism and courts for propaganda purpose”.

The minister said the Congress government had signed the DTAT with Germany on June 19, 1995. Though not referring to the controversy that played throughout the day due to the Finance Ministry’s stand in the apex court, he said that “it was necessary to clarify” but recalled early revelation of names of account holders in the Liechtenstein Bank, which happened during the previous UPA government, was “seriously objected by Germany”.

The list of account holders had surfaced in the media much before the ministry completed the probe and submitted a list in the Supreme Court.

Jaitley held a press conference to outline the positive outcome of a government delegation meeting with Switzerland finance and tax authorities.

The delegation led by Revenue Secretary Shaktikanta Das and comprising CBDT Chairman K V Chowdary and Akhilesh Ranjan, a joint secretary in the ministry, returned on Friday from the two-day Switzerland visit to break banking secrecy that is holding hostage India’s attempt on black money information sharing.

Jaitley said that there are four positive and significant outcomes from the above meeting. Switzerland has indicated willingness to provide information in cases investigated by the Income Tax sleuths independently of the Swiss government.