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LATEST NEWS UPDATES | Finance ministry rules out tax amnesty for black money

Finance ministry rules out tax amnesty for black money

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published Published on Jan 29, 2011   modified Modified on Jan 29, 2011

The finance ministry has ruled out a fresh tax amnesty scheme, saying that no such proposal was on the table.

Ministry officials told Parliament's Standing Committee on Thursday that the issue of a new tax amnesty has not even been discussed, scotching the speculation suggesting that one was being mulled. The officials said that they did not know how this started.

Members of the Standing Committee asked the government to use India's new-found economic clout to secure from tax havens information on black money hoarded abroad.

The parliamentary panel also said that the government should use the entire array of tools at its disposal to get the tax havens disclose the names of people having offshore deposits.

Chairman of the panel Yashwant Sinha said that the international situation has changed to India's advantage and government should make full use of it. The former finance minister gave the example of India's membership of G20's Financial Action Task Force as he argued that India is now in a position to to be assertive with authorities in tax havens like Cayman Islands, Isle of Mann, Bahamas, Mauritius and Switzerland.

He found support from S S Ahluwalia, Gurudas Dasgupta and other members on the panel.

Members of the committee asked the finance ministry to detail in writing the steps taken by the govenment to unearth black money.

Black money deposited abroad has turned into a hot button issue, with the Opposition alleging that the government was reluctant to bring it back. The Supreme Court had also expressed dissatisfaction with the government's efforts, and has asked it to step up its effort to ascertain the identities of those having deposits in foreign banks.

The government has defended itself saying that it was bound by the terms of treaties with countries that condition exchange of information on deposits to the commitment not to disclose the names of those with foreign bank accounts suspected to be holding black money.

Sinha and other members, however, argued that the new international climate and India's economic muscle gives India room to get authorities in tax havens to relax the confidentiality clause in treaties.

The Times of India, 28 January, 2011, http://timesofindia.indiatimes.com/india/Finance-ministry-rules-out-tax-amnesty-for-black-money/articleshow/7380869.cms


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