Zee Media Bureau
New Delhi: Finance Minister Arun Jaitley on Sunday said unauthorised disclosure of the names of black money account holders could sabotage its very investigation and affect the Indian economy too.
In a blog on his official Facbook page titled, "Confidentiality clauses and the battle for tracing black money outside India", the finance minister wrote unauthorised disclosure of information was fraught both with the investigation and economic consequences.
"They can sabotage the investigation. They can attract sanctions in the form of withholding taxes," he wrote.
Last week on Wednesday, the government submitted before the Supreme Court a list of 627 names of Indians allegedly having accounts in foreign banks in connection to the ongoing investigation in the blakc money.
However, the apex court bench headed by Chief Justice HL Dattu refused to open the sealed envelope saying that the documents be placed before the Special Investigation Team (SIT) appointed by it and that only SIT chairman and vice chairman can open the sealed envelope containing names of account holders.
While filing an affidavit in the apex court in late October where the Centre named three individuals having accounts in foreign banks, it had come under criticism both from within and Opposition asking it to reveal more names.
The government however defended itself by saying that it had no intention of holding back any names in the black money list.
On the disclosure of names, Jaitley in his blog stated, "The debate is not between disclosure and non-disclosure of confidential information. It is between unauthorized disclosure in violation of tax treaties and disclosure as per tax treaties."
He said this referring to the Double Taxation Avoidance Treaties that many countries around the world have entered into.
He further said India has to take a conscious call on disclosure of information and names on black money.
"Does it want to be a part of the global coalition which is moving in the direction of automatic sharing of information or not? Does it ensure all information is supported by substantial evidence and proof or only wishes to remain restricted to sloganeering?," the finance minister questioned.
The finance minister also stated that it is not right to disclose all the names and information in the list as some of it might have involved 'authorized' movement of money.
"An automatic exchange of information would relate both to authorized and unauthorised movement of money. Why should any information with regard to authorized movement of money be made public?," he said.
