Black money: India withdraws multilateral info sharing pact

[micky]

A day after the Centre submitted its list of 627 Indians who have accounts in HSBC bank, Geneva for tax probe for suspected black money to Supreme Court, India has pulled out of multilateral information sharing agreement. The Mutilateral Competent Authority Agreement was signed by 51 countries in Berlin on Wednesday. The agreement was designed to enable automatic information to combat black money and also provides for collecting, exchanging information between participating countries on taxpayers' overseas assets. Government sources said that India was unable to sign the pact as there was uncertainty about disclosures and lack of clarity on the ability to comply with the confidentiality clause. Also read: No new details in govt's black money list: SIT chief Shah Sources added that India's stance was likely to impact the ongoing negotiations over info sharing pact with Switzerland and the tax compliance agreement with the US that has to be signed before December 31. If India fails to sign Foreign Account Tax Compliance Act Alert (FATCA), then it would authorise US to charge withholding tax on remittances, Indian bank operations in US. Sources said that the government will approach Special Investigation Team with respect to its stance on information sharing pacts and hopes that SIT will appreciate the government's position.

Read more at: Black money: India withdraws multilateral info sharing pact - Moneycontrol.com

 

[unbiasedopinion]

WHAT!!!! What causes Indian Government to withdraw its stance? This is clear violation of trust of people of India. Why would India need to walk out of it when there is lot of talk happening about bringing black and red money back to the country, not only in India but also all the countries around the world.

 

[Tshering22]

WHAT!!!! What causes Indian Government to withdraw its stance? This is clear violation of trust of people of India. Why would India need to walk out of it when there is lot of talk happening about bringing black and red money back to the country, not only in India but also all the countries around the world.

This is shocking. But there must be somethin behind the scenes that is developing.

 

[OrionHunter]

This black money stuff is a lot of blah and hot air! Nothing's going to happen. It's a farce of gigantic proportions.

Guess who's having the last laugh? Yahoos like the Ambani brothers, while they sip on their Scotch on the rocks, while cocking a snook at the powers-that-be!!

I swear I'll eat my Mexican hat if we can retrieve even Rs 1 from abroad! And these fellows were talking of getting back $500 billion!!! Jeeez!

 

[SpArK]

Unbelievable !

 

[unbiasedopinion]

This is shocking. But there must be somethin behind the scenes that is developing.

Because maximum names are of those sitting in the bureaucratic chai hence they cannot let their names go into public. I am sure these people are doing every bit to stop SC (i would not be surprised if SC judges are also involved in it) and fool public with another date and only catches some small fish to show they really care.

 

[Guynextdoor2]

Like I always said, only naïve people think that modi will combat corruption. Waiting for namoniacs to come and give 'rational reasons' why this is actually a good move'.

Unbelievable !

Why? I told you so 6 months ago.

This is shocking. But there must be somethin behind the scenes that is developing.

Yeah buddy. In any list of true black money holders/ corrupt leaders, mr. gadakari's name will be up there. You think the govt will actually allow that? I'm sure Modi's name is not there, probably the same with Arun Jaitley and Rajnath Singh. But Amit shah and a bunch of others...not very sure since they aren't that well known for 'honest dealings'

 

[micky]

We Hope SIT on Black Money Will Not Make Names Public, Says AG
By Kanu Sarda

Published: 30th October 2014 06:16 AM

• 
  
  Attorney General Mukul Rohatagi comes out of the Supreme Court after a hearing on the black money case in New Delhi on Wednesday. (PTI hoto)

NEW DELHI: Attorney General Mukul Rohatgi on Wednesday said that the government obeyed the Supreme Court order in totality and submitted the list of 627 foreign bank account holders on whom tax probe is on.

Rohatgi said, “We have submitted the list in sealed cover as directed by the SC. We have nothing to hide.”


“The only worry the present government is facing is with regard to the treaties having the confidentiality clause where it was specifically mentioned that names would not be disclosed in public,” Rohatgi said.

“We hope the SIT will not make the names public as it’s breach of confidentiality treaties with various governments,” he said.

He also clarified that the government is getting hold of more names and talks with other countries had already begun. Responding to a query, Rohatgi said, “Giving something in a sealed envelope to the court which was further handed over to relevant authorities is not a breach of confidentiality.”

“I repeat and reiterate that government has no problem if the Supreme Court sees the names. It can be probed by the SIT or any other agencies. We have no objection. The only worry of the Centre is regarding the terms of the treaties as they have a clause of confidentiality. Nothing should be done to impede our ability to get further information on black money,” Rohatgi said.

The Centre was directed by the Supreme Court on Tuesday to furnish the list of all individuals, who have accounts in overseas banks, legitimate or otherwise.

 

[Skull and Bones]

Chaddi Rupa ki pehno ya Jockey ki, ched to honge hi.

 

[jha]

Now SC can sign the treaties herself.

 

[fsayed]

shame on modi bluff master and his supporters

 

[Star Wars]

Wasn't this bound to happen after SC decided they would carry the investigation ?

This black money stuff is a lot of blah and hot air! Nothing's going to happen. It's a farce of gigantic proportions.

Guess who's having the last laugh? Yahoos like the Ambani brothers, while they sip on their Scotch on the rocks, while cocking a snook at the powers-that-be!!

I swear I'll eat my Mexican hat if we can retrieve even Rs 1 from abroad! And these fellows were talking of getting back $500 billion!!! Jeeez!

Blame the supreme court , the govt. is no longer involved in black money

 

[IndoCarib]

THis is a fallout of Supreme Court's overzealous order on sharing the names of the account holders. One more wrong step by the SC after granting bail to Jayalalitha

 

[IndoCarib]

The SC should Be held responsible for this chaos

Attorney General Mukul Rohatgi said Tuesday that while the government has “nothing to hide” on the issue of black money allegedly stashed by Indians in foreign banks, the list of account holders in HSBC’s Geneva branch has to be placed in a sealed cover in order to uphold the tax treaty with France under which it was obtained.

Replying to a query from The Indian Express, Rohatgi confirmed that Germany, which had provided a list of 18 account holders in LGT bank in Liechtenstein under a similar treaty, had registered its protest with the Indian government after those names were handed over to the Supreme Court in April.

The Supreme Court has directed the Centre — represented by Rohatgi — to disclose to it on Wednesday the names of all those being probed for allegedly stashing black money abroad.

“We have nothing to hide and nobody to shield and this very list has been handed over to the SIT (on black money) on June 27 itself. Having said this, we are also concerned about the future treaties we have to sign, and about information on other black money trails drying up from other countries. We have to put this list in a sealed cover so that we do not violate the terms of the treaty,’’ Rohatgi said.

“The Germans had protested and others may protest too. That is why we are putting these 600 odd names in a sealed cover and asking them (the Supreme Court bench) to keep it only in their custody. We have after all given an unequivocal assurance to the French Government that the information and names supplied on the HSBC list will only be used by India as per terms of the treaty.’’

Rohatgi said that the Government would also hand over to Supreme Court a status report on the progress made in each case, including details about verification of identities of account holders, searches conducted, tax notices sent and money recovered.

In June 2011, France provided details of Indians with bank accounts in the Swiss bank, under the provisions of the Direct Tax Avoidance Convention (DTAC) between the two countries. In March 2009, information on deposits in accounts maintained by 12 trusts and entities with the bank in Liechtenstein was received from the German tax authorities under the DTAC between India and Germany

- See more at: Nothing to hide but Germans protested, others may too, says A-G Mukul Rohatgi | The Indian Express

 

[FaujHistorian]

A day after the Centre submitted its list of 627 Indians who have accounts in HSBC bank, Geneva for tax probe for suspected black money to Supreme Court, India has pulled out of multilateral information sharing agreement. The Mutilateral Competent Authority Agreement was signed by 51 countries in Berlin on Wednesday. The agreement was designed to enable automatic information to combat black money and also provides for collecting, exchanging information between participating countries on taxpayers' overseas assets. Government sources said that India was unable to sign the pact as there was uncertainty about disclosures and lack of clarity on the ability to comply with the confidentiality clause. Also read: No new details in govt's black money list: SIT chief Shah Sources added that India's stance was likely to impact the ongoing negotiations over info sharing pact with Switzerland and the tax compliance agreement with the US that has to be signed before December 31. If India fails to sign Foreign Account Tax Compliance Act Alert (FATCA), then it would authorise US to charge withholding tax on remittances, Indian bank operations in US. Sources said that the government will approach Special Investigation Team with respect to its stance on information sharing pacts and hopes that SIT will appreciate the government's position.

Read more at: Black money: India withdraws multilateral info sharing pact - Moneycontrol.com

This is the Modi gov for you.

Blowing hot one moment, going cold the next.

This surely is the Modi gov's "bipolar disorder" this time within India.