I am of the view that until it is not proved that the money parked in foreign banks by any Indian is illegal and black , it will be improper and inappropriate to disclose their name . It is open secret that lacs of Indians who are in job at foreign centres or are doing business with foreign countries are having account abroad. And as per established practices all over the world, accounts of all are kept secret until it is proved in court that the money in account is bad in nature as per law of the land.
As such I am fully confident that Supreme Court will not allow disclosure of those accounts and hold the sanctity of treaties with other countries and give due respect to international culture in this regard. Politicians and media men who are indulged in dirty politics are wilfully playing foul game with the interest of the Indians and such ill-motivated statements must be condemned by all right thinking people. After all it is the matter pertaining to our beloved country, not only UPA or NDA. Court cannot view the truth from party angle. It is not BJP or Congress Party but it is the image of the country and it is the future of Indian relation with foreign countries which is at stake.
Media has named the list as Black and hence they are misguiding Indians. God knows how they treat the list as Black List.
Kejriwal who started his political career with right objective in mind has also fallen in line of dirty politicians to capture power. It is very much disheartening for person like me. How he will prove that only ill-gotten money is stashed to foreign bank. Perhaps he is also misguided by stolen record of foreign bank and he is using this issue of black money as trump card to win Delhi election.
Mr. Arvind Kejriwal is bent upon maligning Ambani and Adani for his political career . If he is so much right in his claim that Ambani and Adani have parked illegal money in foreign bank , he or his party AAP must file a PIL in court in the interest of the country. Rather he should have done a year ago because he has been barking on this issue for more than a year. As per Indian law , it is the duty of person who accuses another person of doing illegal work to establish the charges against the accused .
Suppose , Apex court tomorrow asks the government to disclose the list before media and the names so disclosed contains the name of genuine depositors also, such person will definitely feel humiliated and approach the court to get justice. Owner of Dabur , one out of three disclosed names has already registered his grievance for avoidable mudslinging on his name. Obviously disclosure will solve some issues but create more bigger issues.
Last but not the least , If the list contains the name of all black money holders only as Supreme Court has used the word in its order Today, then there should not be delay in its disclosure. In such case UPA government must be blamed for inordinate delay . BJP has at least complied all orders of Apex court without any delay.
Black money: Reveal all names tomorrow, says Supreme Court--India Today-28.10.2014
The Supreme Court served an ultimatum to the NDA government on Tuesday, giving it a day to reveal the names of all the Indians holding illegal bank accounts abroad in a sealed envelope.
"The new regime cannot come and tell us to modify our orders. We will not clarify or modify our 2011 order," the apex court said, adding, "The government's only role is to request for information on black money accounts from foreign banks."
In 2011, the Supreme Court, which has been monitoring the investigations into black money since 2009, had asked for complete disclosure of information on Indians holding black money abroad.
The apex court order came a day after the government named eight people being prosecuted for stashing untaxed money in illegal bank accounts in Switzerland and other countries. Sources say there are at least 800 Indians holding such accounts in foreign nations.
The Supreme Court diktat came a day after the Centre on Monday revealed eight names, which included consumer products giant Dabur India promoter Pradip Burman, Rajkot-based bullion trader Pankaj Chamanlal Lodhiya, Goa mining company Timblo Private Ltd and five of its directors - Radha Satish Timblo, Chetan S Timblo, Rohan S Timblo, Anna C Timblo and Mallika R Timblo.
The disclosure, the government said, was the first in what it claimed will be a series of such revelations in the coming days. The business leaders named in the affidavit later issued separate statements, denying the allegations.
The Centre's affidavit also said that every account held by an Indian in a foreign bank may not be illegal and the fundamental right to privacy under Article 21 should be upheld. Reminding the apex court of treaties that prevented it from revealing the information, the affidavit said that the government has to follow the procedures.
The Centre on Monday said it was open to revealing names only "after following the due process of law, in all cases where evasion of tax is established."
Senior Supreme Court lawyer and the main petitioner in the black money case, Ram Jethmalani, slammed the Centre over the revelations, saying the big fish involved in the case were not revealed. "It is a case of mountain in labour producing a mouse," he said.
The opposition Congress later claimed that the eight names were already disclosed by the UPA government earlier. "These names were already revealed by the UPA. The selective leakage of names smells of suspicious motives," Congress leader Sandeep Dikshit said.
My Comments on probable stand of Supreme Court from different angle is as follows ( news item submitted at bottom)
It is known to all that money in foreign banks have also been remitted through Indian Banking channels only. According to report submitted by Global Financial Integrity , illicit financial outflows are a massive problem for India. There is no doubt in it. But it is also said by same GFI that India lost 343.9 billion US dollars to illicit outflows from 2002 to 2011 i.e. during UPA rule led by none other than Congress Party whose leaders are loudly blaming BJP for non-disclosure of names.
If India really want to get back money from abroad, the government will have to first prepare the list of accounts in foreign banks which are unauthorised. If the such list is possible to be prepared, then GOI will have to look into all outflows and decide the nature of each remittance . If outflow of money is used for import of goods and services , GOI cannot treat it as illicit.
Yes here it is also true that person or company who decide to park black money used the banking channel by inflating import bill or by making fake import bill. Exporters also used banking channel to export goods at cheaper rate officially and then getting payment at rate which is difference between rate quoted and actual market rate through their foreign bank account. Both ways , Indian business houses accumulated balance in foreign banks and the same was done through legal processes only.
Obviously it is very difficult to ascertain the nature and colour of each remittances. However if the apex court decides to treat all unauthorised accounts as black money account or all money held their above benchmark as black money, Supreme Court will have to define the process of identification of unauthorised and illegal accounts. After all it is the government of India which permitted the opening of account in foreign bank through Indian embassy or through accounts of NRIs.
It is therefore not easy in my view for Supreme Court to disclose the names of all terming them all as illegal and black in nature.
Secondly , it is not easy and desirable for Supreme Court to ignore international practices, treaties and rules of ethics of maintaining secrecy of banking transactions. If Supreme Court decides to obey only Indian existing laws only without caring for future of relationship with other countries , it may order set up a separate body or instruct SIT to speed up scrutiny of each account and submit the colour of them within a timeframe set by it. There is no doubt in it the task involved is time consuming and not very easy. However by asking list of names , Supreme Court may allay the fear of discriminating treatment by the government .
How much black money do Indians have abroad?-India Today
Even as the Indian government on Monday took the first real step towards getting back black money, or undeclared wealth allegedly stashed away by Indians in overseas accounts, by naming three such people in the Supreme Court, what is the actual quantum of such funds being talked about is not clear.
Despite some official White Papers, or government reports, on black money tabled in the past, only unofficial estimates by independent agencies are floating around. The variations are also rather wide.
One figure that is often quoted came from senior BJP leader L.K. Advani, who was India's deputy prime minister and home minister during the regime of the National Democratic Alliance (NDA) till 2004. Advani, as a key opposition leader, had said in 2011 that some Rs.28 lakh crore (around $466 billion) was stashed away illegally in bank accounts overseas.
He said he was using a study by Global Financial Integrity, a Washington-based non-profit firm that does research and advocacy on illicit financial flows, for his estimate. Advani also said the names of 782 alleged Indians with illegal overseas accounts - that have not been declared with the Indian government and hence no taxes paid on them - were not being disclosed.
Advani's own party in 2011 had estimated the black economy at between $500 billion and $1.4 trillion.
In the Government of India's White Paper presented in parliament in 2012, the total deposits of Indians in all Swiss banks was around $2.1 billion -- nowhere even near the lowest estimate of $466 billion.
In fact, there were also reports quoting a so-called report of the Swiss Banking Association in 2006, as per which black money of Indians overseas was placed at $1.46 trillion. But these reports were subsequently denied by Swiss authorities. The Swiss Bankers' Association said it never published such a report.
It will be worthwhile, however, to revisit the May 2014 report of Global Financial Integrity, which took note of the Prime Minister Narendra Modi government forming a Special Investigative Team (SIT) to probe illicit financial flows.
"Illicit financial outflows are a massive problem for India. GFI research finds that India lost $343.9 billion to illicit outflows from 2002 to 2011," it said, adding: "India ranks 5th in the world in illicit outflows, and is the poorest country in the top-10 by per-capita GDP."
To understand about Black Money, please click on following link
http://dkjain.blogspot.in/2014/10/what-is-black-money-and-how-much-it-is.html
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