'Narendra Modi govt must not reveal black money holders names on India list'

Written by PTI | New Delhi | Updated: Oct 27 2014, 14:52pm hrs
Black MoneyAssocham said the government should not prematurely disclose the names of black money holders as it could hamper battle against this menace. (Thinkstock)
Days after PM Narendra Modi govt indicated its reluctance to reveal names of black money holders in India present in list and amid a growing clamour for naming of alleged black money holders, industry body Assocham today said the government should not prematurely disclose the names of such persons as it could hamper battle against this menace - albeit the issue has become opaque after FM Arun jaitley said he may reveal names after all.

"The double taxation avoidance treaties are important for the Indian residents and corporates which can avoid paying taxes twice. Revealing the names of individuals allegedly holding unaccounted money can make to headlines but will surely make India's battle against the menace weak. Besides, violation of DTATs will deal a severe blow to the countrys credibility," it said in a statement.

"If names are placed in public domain and those named finally do not get convicted, there would be immense damage to the reputation of the individuals or entities ... Impression should not be given as if there is a wild goose chase which can harm the entire jurisprudence," it said.

It also appealed to the different political parties to see reason while exerting pressure on the government to disclose classified information about individuals or entities relating to their alleged illegal accounts abroad.

"The best course would be to bring in systemic changes so that the premium on black money is diminished and with the help of technology, transparency is taxation becomes order of the day," it added.

Finance Minister Arun Jaitley has said that the name of persons would be disclosed as and when the cases are filed in the court.

The government, Jaitley has said in his Facebook post, "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...".

Appreciating Jaitley's stand on black money issue, the chamber said it is sensible to respect the double taxation agreements as 'adventurism' could weaken India's resolve to fight the menace.