Bank Cannot Disclose Information

 

Black money is kept not only in foreign banks but also in Indian banks in volume much more than it is foreign banks. Government will have to strike at the root cause of creation of black money. GOI will have to investigate how tax evasion takes place in such large volume and how does it not comes in the knowledge of tax officials. GOI will have to introspect why  court failed to punish black money creators , why and how  team of Chartered Accountants in nexus with tax officials help businessmen small or big , in tax evasion or in payment of tax which is too low in comparison to income really earned by a businessman

 

 

So far as money parked in foreign banks is concerned, India has signed double tax avoidance treaty with countries from whom the information related to back money has come to India. The agreement was signed much before BJP or NDA assumed power. Now as per terms of the agreement if BJP shares the information with media ,it may give MASALA to media and common men or opponents to fire bullets against the current government at centre led by Narendra Modi , but the foreign countries will stop disclosing names in unison with the agreement already signed by none other than Indian Government . It is immaterial whether BJP or Congress Party signed the agreement.

However as soon as the charges against culprits are established, the name can be    disclosed, as I understand from newspaper information. However the final order of Supreme court in this matter will throw light on this issue, how to deal with a situation where the country has to respect treaty signed by a government of India.

It is undoubtedly true that government, NDA or UPA cannot go against the spirit of agreement already signed with foreign countries by Indian government, headed by NDA or UPA , otherwise India as a whole will lose its credibility in international forum. No other country will sign such agreement in future with India. There are specific clauses in the tax treaties with countries (which have furnished names ) that prevent sharing of information. However the information is in various stages of processing and investigation and as soon as it is established that the charges are fit for legal action , the name will automatically come to media. I hop media will also understand the intricacies of treaties and will not give scope foreign countries to dilute their faith on India.

So far as election campaign is concerned, it is not only BJP but all political parties resort to various promises to attract voters in their fold. Promises are not always fulfilled . It is easy to distribute freebees to lure voters from government fund , it is easy to approve quota for various castes and communities, it is easy to sanction subsidies for various projects, it is easy to grant release of prisoners to please voters of some community but it is not easy to violate international treaties.
 Now BJP government will have to make effort to alter the terms of agreement and make it convenient to disclose the name of persons who parked black money in foreign banks. It is in the interest of the countries that huge amount of black money parked in other countries to evade tax must be brought back to India and real culprit must be brought to task .It is clearly visible that BJP led NDA government has taken up the matter with Swiss government and left no stone unturned to achieve desired outcome. Matter is moving ahead fast and one can hope for better outcome in near future.

Last but not the least ,media men or some opponents of  Mr. Modi are trying to trap Mr. Modi only because his government has stated in Apex Court Today  that the government cannot reveal the names provided by foreign banks because international treat does not permit it. They should know that even money parked in Indian banks, black or white cannot be disclosed until it is proved that the money kept in a particular account is black or illegally earned. Secrecy Act in India prohibits banks sharing any information to depositors or borrowers until asked under legal provisions or an order to this effect is issued by any court. .

BJP should also learn lesson from this episode that a party should not make such promise fulfilment of which is dependent on other nation and international rules and ethics. Indian government or Indian political parties can function as per their constitution within their boundaries only but cannot take decision which may affect the rules of other countries.
 If UPA or Congress Party feel that there is no such treaty in force and they are not part of any such treaty which bars disclosure of name, they should strongly oppose the stand taken by BJP and put forward all such document in public domain in the larger interest of the country. But it is also true that even Congress Party did not disclose the names which they received during their tenure . And if what BJP government has stated in Supreme Court is true , Media men and opposing parties should stop mudslinging process on TV to save the country's image in world forum.

Last but not the least, even role of Supreme Court is limited in matters which are linked to international treaties and rules.