FM rules out naming Indians holding slush funds abroad
05 Feb 2011
Finance minister Pranab Mukherjee today again ruled out the government revealing the names of Indians who have stashed away unaccounted wealth in tax havens abroad.
Responding to media leaks of select names of Indians holding secret accounts in LTG Bank in Liechtenstein, the minister, however, said the government has sent notices to 17 of the 18 names of account holders handed over by the German government in 2009.
"Of the 18 names we got we have already started prosecution. Notices have been issued in case of 17 persons. One person is dead so no prosecution could be made," Mukherjee said.
The Tehelka magazine on Friday put out 15 names, that included 12 individuals and three foundations, that the magazine said figured in the Liechtenstein list.
"It is a selective leak. All the names are still not out. The names that have come out are just the tip of the iceberg. Leaking information about a few people having black money stashed abroad means letting off the big bosses, who have huge black money in foreign banks," Tehelka quoted noted advocate Ram Jethmalani as saying.
"This list is just the tip of the iceberg. The government cannot hide behind the rules anymore. Why is the government not revealing the details of Hasan Ali's account? This shows they don't want to reveal anything," commented BJP spokesman Prakash Javadekar.
Mukherjee, however, insisted that the government was not in a position to disclose the names of those holding secret accounts abroad and that these would be known once the matter comes up in court.
"I had said in my earlier press conference as and when there will be prosecution and the matter will come to the open court then the names will be disclosed. ….But government suo motu cannot disclose the names. These are their concealed income. We have given the notices and prosecution will start very soon," he said.
