Government not likely to bring in amnesty scheme to unearth black money in tax havens
24 Jan 2011
The centre is not likely to introduce any amnesty scheme to get back the black money stashed abroad by Indians in foreign banks.
This is even in the face of mounting criticism of the government to deliver on its 2009 poll promise to ''take steps to bring back the black money stashed abroad within 100 days of coming back to power''.
Also, the centre has also turned down demands for making the names of 26 Indians who are said to have stashed their black money with the LGT Bank in Liechtenstein, public.
The Central Board of Direct Taxes (CBDT) has, however, submitted the names to the Supreme Court in a sealed cover which though are not to be made public due to international commitments.
According to official circles the disclosure of names would go against India's international commitments under various tax treaties. Critics, however say that the plea concerning international obligations is an eyewash.
The main apprehension of the government is that if the names are made public, then many countries will not come forward to share such information in future.
The centre is also in the process of renegotiating existing double taxation avoidance agreements (DTAA) with various countries.
