Govt approach on black money not adventurist: FM

Govt approach on black money not adventurist: FM

Says govt committed to detecting the guilty

Govt approach on black money not adventurist: FM

Finance Minister Arun Jaitley on Saturday said the government will not be pushed into an act of adventurism in tracing black money that will actually help such account holders but rather its approach will be “doggedly persistent” to bring them to book.

In a Facebook post, Jaitley said the government “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.”

Jaitley held that “such an approach may actually help the account holders. Adventurism will be short-sighted. A mature approach will take us to the root of the matter.”

Jaitley’s statement came a day after the government told the Supreme Court that it could not disclose any list of names received from other countries till investigation were completed.

Stung by criticism that the BJP and its government has done a U-turn on the issue of black money,the FM said, “Let me begin by saying that the NDA Government will not withhold any information, including names of account holders who have stashed black money abroad, from the public; but the names will be revealed after following the due process of completing investigations and reaching conclusions about quantum of unaccounted money.”

After doing so, he said, all the information including the names of account holders will become public when quoted in court proceedings arising from complaints to be filed by the Income Tax Department against tax offenders.

“Any premature and out of court disclosure of the names of account holders would not only vitiate the investigations but will enable such account holders to get away with their offences.  It will also violate India’s Double Taxation Avoidance Agreements (DTAA) with other countries and will choke receipt of all further information from those countries.”