Why hide names of foreign account holders, Apex court asks Govt

Discussion in 'Politics & Society' started by S.A.T.A, Jan 14, 2011.

  1. S.A.T.A

    S.A.T.A Senior Member Senior Member

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    Why hide names of foreign account holders, Apex court asks Govt

    NEW DELHI: The Supreme Court Friday asked the central government what was its difficulty in disclosing the names of people who have stashed away huge amounts of money in Swiss and German banks in Liechtenstein principality in Europe.

    "What is the privilege" in not disclosing their names, asked the apex court bench of Justice B. Sudarshan Reddy and Justice S.S.Nijjar.

    "It is not a case of tax. The issue involved is of serious nature. Keep aside all the things. Let us consider about the persons (those disclosed by the German authorities)," the court told Solicitor General Gopal Subramanium.

    "If you don't have them (the names), it is a different matter," the court said, suggesting that when the government has the names, why cannot these be made public.

    At this, Subramanium sought the adjournment of the hearing, saying that he needed to seek instructions from the government.

    The matter will come up for hearing Wednesday.

    In the course of the hearing, senior counsel Anil Diwan , appearing for petitioner Ram Jethmalani , said the government was deliberately not making the names public.

    He said the government was going in a wrong direction by taking the cover of the double taxation treaty between India and Germany . The entire issue concerns black money , Diwan contended.

    Jethamalani has moved the apex court seeking directions to the central government to act on the report that the German government was willing to share the details of Indians who were having accounts in the banks based in Liechtenstein.

    Jethamalani has sought the court's directions to the government to bring back ill-gotten $1.5 trillion put away in foreign banks by Indians.

    The German government had said that it accessed the information on the details of the account holders through its sources.

    The Central Board of Direct Taxes (CBDT), in its status report during last hearing of the case, said there are twelve trusts owned by 26 tax assesses, which even include NRIs, that hold accounts in the Swiss and German banks in Liechtenstein.

    There are 15 banks in Liechtenstein, of which seven are Swiss. The principality, with an area of about 160 sq km, is surrounded by Switzerland and Austria and has a total population of 67,000 people.
     
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  3. JayATL

    JayATL Senior Member Senior Member

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    The Unpatriotic , tax evaders in India have 1.5 trillion in black money that can come back to India!
     
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  4. Tshering22

    Tshering22 Sikkimese Saber Senior Member

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    It would be a historical miracle if we can manage to ever get that money back. We would shoot straight to Rank 4 by Nominal GDP behind USA, China, Japan if this happens.
     
  5. The Messiah

    The Messiah Bow Before Me! Elite Member

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    If all money is utilized properly imagine how fast our country will progress!!! I say pump all money in R&D and make country self reliant in terms of military requirement.
     
  6. Tshering22

    Tshering22 Sikkimese Saber Senior Member

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    ^^ That would be rather a Nazi Germany style development approach which is fast and nice in the beginning but overheats fast. Germany was rising then at 38% per annum according to a biography of Hitler's I came across. That is the most feverish development rate ever recorded.

    We need to improve infrastructure to create a better environment for facilities and R&D. That is what China did and it is now in a strong position to pursue self-reliance. Japan did the same both in Imperial era and post-WW2. $1.5+ trillion is a huge amount equal to our current entire economy. I think 80% of this should be put in infrastructure: schools, higher education (remove quotas and create more colleges so that students don't have to be discriminated), medical care and better public hospitals, sanitation for entire nation tip-to-tip, better cleanliness implementation in entire country along European standards, better civil law enforcement including new uniform, better pay packages, modern assault rifles and protective wear rather than .303s and pot belly enduring shirts alone.

    The remaining 20% in privatizing DRDO and HAL and completely restructuring the defence production process.

    Remember, by our wishful thinking it should be like the following:

    POLICE like this
    [​IMG]

    Instead of this:
    [​IMG]

    INFRASTRUCTURE like this:
    [​IMG]

    Instead of this:
    [​IMG]

    ARMED FORCES comparison:

    [​IMG]
     
  7. sob

    sob Moderator Moderator

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    If all the money were to come to India, just try to imagine the inflationary pressure on the economy. The Govt should keep it parked in foreign banks and buy T-Bills, the interest should be enough to propel our infrastructure.
     
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  8. Tshering22

    Tshering22 Sikkimese Saber Senior Member

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    ^^I meant the money to come in slowly step by step.. not the entire 1.5 trillion all together. That would over singe the economy..LOL.
     

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