HIGHLIGHTS
  Govt blasted for inaction on black money
  Jan 28, 2011 11.00 AM
 

The Supreme Court today bombarded the government as to why action has not been taken against those who have hoarded black money in foreign countries. The apex court directed the government not to restrict its probe on the aspect of tax evasion only and expand its ambit by tracking the source of money which might have originated from anti-national activities like arms deals, drug trafficking and smuggling. A bench comprising Justices B Sudarshan Reddy and S S Nijjar said one aspect was looking at the issue from taxation point of view and the other was probing the names given by a bank. The bench asked what action was taken against them knowing that money has been stashed in (LGT Bank in Liechtenstein.

The court's remark came after the Solicitor General Gopal Subramanium submitted that the government is taking all actions under Double Taxation Avoidance Agreement (DTAA) against the people’s overseas hoardings. The government, however, tried to convince the court that it is taking all possible action under international agreements and law against the erring persons and it has no problems in sharing the information with the court. The court asked Subramanium to file a detailed report by Thursday next on what action the government has taken against people who have parked their black money in foreign land. The court also sought replies from the government, RBI and CVC on a petition seeking direction to the government to ratify UN convention on corruption which would facilitate in bringing back black money from foreign banks.

 

 
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