Black money: Assocham against revelation of namesNew Delhi: Industry chamber Assocham has said that it is premature to disclose the names of Indians who have allegedly illegal bank accounts abroad.It said that doing this will hurt India's battle against black money.It
New Delhi: Industry chamber Assocham has said that it is premature to disclose the names of Indians who have allegedly illegal bank accounts abroad.
It said that doing this will hurt India's battle against black money.
It said the confidentiality clause under the Double Taxation Avoidance Treaty (DTAT) comes in the way of making public the identity of the account holders.
"The double taxation avoidance treaties are important for Indian residents and corporate which can avoid paying taxes twice," Assocham secretary general D.S. Rawat said in a statement.
"Revealing the names of individuals allegedly holding unaccounted money can make headlines but will surely make India's battle against the menace weak. Besides, violation of DTATs with 88 odd countries will deal a severe blow to the country's credibility,” he added.
"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 which can harm the entire jurisprudence.”
Complimenting Finance Minister Arun Jaitley for taking a practical approach on the issue, Rawat said: "As the issue is also sub judice, the government will surely be cooperating with the Supreme Court in reaching to bottom of the problem, but the same cannot be done in full public view."
More from business
Tata Steel to merge European operations with Thyssenkrupp to create 2nd largest steel behemoth
Bengaluru: I-T raids on S M Krishna’s son-in-law Siddhartha, owner of Cafe Coffee Day chain
5 reasons why TRAI’s decision on IUC cut will significantly boost RIL’s earnings
GST interim returns: Over 75 per cent eligible taxpayers waited for last day to file returns, says Jaitley