Black money in Switzerland and other tax havens

[warriorextreme]

congress has never done anything great for nation..so i dont expect them doing this..and if they do this then more than half the money will be eaten again by politicians(all political parties will get more cream to eat)

 

[Yusuf]

If the govt does not, wikileaks will. They already have got a list of all such accounts held by people all over the world. They are going to release it soon.

 

[Ray]

I don't understand the hesitation to name the thieves and start proceedings against them.

That would be the natural reaction, I guess.

 

[thakur_ritesh]

even if for a moment we think the congress high command is not that much into corruption and/or has not stacked up their riches in the swiss bank a/cs this move to not disclose the names just adds fuel to that suspicion. on the other hand it is also possible some big corporate name might be there and if those were to be made public the indian inc would have a real tough time, its not as if our political class walked away with all that money with out the active involvement of the corporate.

any which way one looks at it, not so good times ahead for our politicians and corporates alike.

i hope assange lives to release all those a/c details, he has just made huge number of enemies over night and the GoI will never release the names of those thugs who looted india!

 

[warriorextreme]

If the govt does not, wikileaks will. They already have got a list of all such accounts held by people all over the world. They are going to release it soon.

i think swiss bank will pay wikileaks heavily for not disclosing it..otherwise every corrupt person will loose faith in swiss banks

 

[JayATL]

Prime Minister Manmohan Singh on Wednesday said there is "no instant solution" to bring back black money stashed in foreign banks and that information with government cannot be made public due to treaty obligations.

"There is no instant solution to bring back what is called black money. We have got some information and that has been provided to us for use in the collection of due taxes[," he told reporters at Rashtrapati Bhavan after a rejig of some portfolios and new inductions, the first such exercise in his second term in office.

His comments came close on the heels of the Supreme Court pulling up the government for withholding information on black money stashed in foreign banks, saying it is not just limited to tax evasion but a "mind boggling crime" amounting to "theft" and "plunder" of national wealth having security ramifications.

Noting that he was not aware of what the apex court has said, Singh said "we cannot use the information for any other purposes and that information cannot be made public" as the country cannot violate the obligations under international treaties.

The apex court's observation came while hearing a petition filed by noted criminal lawyer Ram Jethmalani, who along with some retired bureaucrats and police officers, approached it seeking directions to the government to take steps to bring black money to the tune of one trillion dollars stashed in foreign bank back to the country.

The Centre's contention before the court is that it was case of tax evasion and it cannot make public the names of Indian account holders.

http://timesofindia.indiatimes.com/...blic-PM/articleshow/7320434.cms#ixzz1BUqjPmKZ

Now understand the underlined parts, before you speculate and holler and hoot. This is similar to extradition treaties , where countries won't extradite people unless yu give them the guarantee that the person won't face capital punishment ( death penalty). The most important part is that they have agreed to give the names for the express use of back TAX collection purposes only.

 

[warriorextreme]

lol if only manmohan singh starts doing things
if they have names then why dont they put each one of them in jail and give them options like jay ram ramesh is giving options to everyone..
simple options will be bring back money or get ready to say bye bye the world..i guess sonia does not want to die so much early

 

[JayATL]

yeah and while you are it make sure you get the secrets on that prince boy 's involvement with 911 and 26/11 - his mother was the planner and she is responsible for the changes in the zodiac signs too!

 

[Oracle]

Chaos is coming soon, in the form of disclosure from wikileaks. MMS is an honest guy, but in the last 1 year, he has severely corroded his own image. He should take a stand now against corruption and give up the names, even if he has to sacrifice his chair. For once MMS should prove it - that he is not a paper tiger, as often resembled!

 

[JayATL]

Chaos is coming soon, in the form of disclosure from wikileaks. MMS is an honest guy, but in the last 1 year, he has severely corroded his own image. He should take a stand now against corruption and give up the names, even if he has to sacrifice his chair. For once MMS should prove it - that he is not a paper tiger, as often resembled!

did you read the article I posted? and read the underlined text?

 

[Oracle]

did you read the article I posted? and read the underlined text?

Yes I did. This is not similar to extradition treaties, where-in we arrest and bring back a terrorist from a 3rd country and respect the terms of the agreement, by not giving that person a capital punishment. This is regarding black money. India has no capital punishment for evading taxes or corruption. And what GoI does with the names should be GoI's concern, not some random bankers from Switzerland, who already are known the world over as Black Money bankers.

It's very illogical that money which has been stolen, will only be taxed and the corrupt let free. This money is not even theirs in the first place.

There must be strong lobbying going on by that circle of corrupt with the Congress to keep the names hidden, or simply as we might hear after some days the case of another set of missing files. Those corrupt maybe, are the ones who financed and supported Congress' elections. However, in all this mess, I personally expected one man to stand up. It is a test of his character.

 

[kickok1975]

Please don't hesitate to disclose if any Chinese name appears. It would be interested to see who is the bristletail.

 

[sob]

did you read the article I posted? and read the underlined text?

Please understand the spin from the GOI and our MMS. The Govt is treating it as a simple Tax evasion case, but in reality the money could not have gone without breaking half a dozen Forex laws. With this statement MMS has let it be known that the Govt would charge the tax with some penalty and the person will go free, and not face any prosecution for breaking Indian Laws.

 

[JayATL]

Yes I did. This is not similar to extradition treaties, where-in we arrest and bring back a terrorist from a 3rd country and respect the terms of the agreement, by not giving that person a capital punishment. This is regarding black money. India has no capital punishment for evading taxes or corruption. And what GoI does with the names should be GoI's concern, not some random bankers from Switzerland, who already are known the world over as Black Money bankers.

It's very illogical that money which has been stolen, will only be taxed and the corrupt let free. This money is not even theirs in the first place.

There must be strong lobbying going on by that circle of corrupt with the Congress to keep the names hidden, or simply as we might hear after some days the case of another set of missing files. Those corrupt maybe, are the ones who financed and supported Congress' elections. However, in all this mess, I personally expected one man to stand up. It is a test of his character.

Please understand the spin from the GOI and our MMS. The Govt is treating it as a simple Tax evasion case, but in reality the money could not have gone without breaking half a dozen Forex laws. With this statement MMS has let it be known that the Govt would charge the tax with some penalty and the person will go free, and not face any prosecution for breaking Indian Laws.

You folks know( that's my understanding) that the govt of that country made it's bank give up the names and that the govt of that country, signed a deal where other countries , not just India, where they only get names for the purpose of confiscating the money or issuing fines.

 

[sob]

The moot question is that whether GOI was willing to take on the Swiss and get the details after hard bargaining. Trade is a two way street and China has shown how to use their purchasing power.

The treaty that India is signing with the Swiss is not from retrospective effect, but will be applicable to accounts opened from the date of signing. By the looks of it the government was more than happy to sign this as it gave them a fig leaf to cover themselves on the question of black money in Swiss a/cs.

 

[JayATL]

The moot question is that whether GOI was willing to take on the Swiss and get the details after hard bargaining. Trade is a two way street and China has shown how to use their purchasing power.

The treaty that India is signing with the Swiss is not from retrospective effect, but will be applicable to accounts opened from the date of signing. By the looks of it the government was more than happy to sign this as it gave them a fig leaf to cover themselves on the question of black money in Swiss a/cs.

what's your source for this? I know the US has the same deal that India got. that's why wiki leaks is getting ready to spill the names ...

 

[shuvo@y2k10]

the main problem is that the the whole of congresss top leadership including pm manmohan singh and sonia gandhi and her family has illegal swiss bank accounts holdind billions of money looted from india makes the upa so defensive on the black money issue.

 

[Parthy]

What GoI has replied is "It can't disclose due to "Double Taxation Avoidance Agreement""

On wiki about DTAA

India has comprehensive Double Taxation Avoidance Agreements (DTAA ) with 79 countries. This means that there are agreed rates of tax and jurisdiction on specified types of income arising in a country to a tax resident of another country. Under the Income Tax Act 1961 of India, there are two provisions, Section 90 and Section 91, which provide specific relief to taxpayers to save them from DTAA. Section 90 is for taxpayers who have paid the tax to a country with which India has signed DTAA, while Section 91 provides relief to tax payers who have paid tax to a country with which India has not signed a DTAA. Thus, India gives relief to both kind of taxpayers.

But that doesn't make any point in disclosing the names.. Let a committee be formed with IT department, let them verify whether all the money accounted for TAX in either countries.. If not, lets reinstate the money back to India..

GoI is so defensive, because it may release most of the Congressmen names.. They'll buy some time and take evasive actions to hide money into some other foreign nation banks... Then finally will release the names, showing that they have very clean hands... I've never seen such a corrupted ruling party in central!!

 

[Parthy]

No cover-up in naming those having Swiss bank accounts: Antony

Defence minister A K Antony on Thursday said there will be "no cover-up" in disclosing names of people who have Swiss bank accounts as the government is committed to bring back all the money stashed abroad.

"Our government is committed to bring all that money and find out the truth...We are determined to find out the truth. That effort is on and we will not cover-up anything," he told reporters at the NCC Republic Day camp.

Antony was responding to queries about reports suggesting that black money related to defence deals was lying in banks in Switzerland.

Refusing to say anything more on the issue, he said the government's intentions have already been made clear by the Prime Minister and the finance minister.

On Wednesday, the Prime Minister had said there was "no instant solution" to bring back black money stashed in foreign banks and that information with government cannot be made public due to treaty obligations.

His comments came close on the heels of the Supreme Court pulling up the government for withholding information on black money stashed in foreign banks, saying it is not just limited to tax evasion but a "mind boggling crime" amounting to theft and plunder of national wealth having security ramifications.

The apex court made the observation while hearing a petition filed by noted criminal lawyer Ram Jethmalani, who along with some retired bureaucrats and police officers, approached it seeking directions to the government to take steps to bring black money to the tune of one trillion dollars stashed in foreign bank back to the country.

The Centre's contention before the court is that it was a case of tax evasion and it cannot make public the names of Indian account holders.


http://timesofindia.indiatimes.com/...bank-accounts-Antony-/articleshow/7327781.cms

 

[Parthy]

Black money info can't be made public: PM

Prime Minister Manmohan Singh on Wednesday said there is "no instant solution" to bring back black money stashed in foreign banks and that information with government cannot be made public due to treaty obligations.

"There is no instant solution to bring back what is called black money. We have got some information and that has been provided to us for use in the collection of due taxes," he told reporters at Rashtrapati Bhavan after a rejig of some portfolios and new inductions, the first such exercise in his second term in office.

His comments came close on the heels of the Supreme Court pulling up the government for withholding information on black money stashed in foreign banks, saying it is not just limited to tax evasion but a "mind boggling crime" amounting to "theft" and "plunder" of national wealth having security ramifications.

Noting that he was not aware of what the apex court has said, Singh said "we cannot use the information for any other purposes and that information cannot be made public" as the country cannot violate the obligations under international treaties.

The apex court's observation came while hearing a petition filed by noted criminal lawyer Ram Jethmalani, who along with some retired bureaucrats and police officers, approached it seeking directions to the government to take steps to bring black money to the tune of one trillion dollars stashed in foreign bank back to the country.

The Centre's contention before the court is that it was case of tax evasion and it cannot make public the names of Indian account holders.



http://timesofindia.indiatimes.com/...ant-be-made-public-PM/articleshow/7320434.cms