news details |
|
|
| Action taken on money stashed in foreign banks: SC told | | | Agencies
New Delhi, April 22: The government on Wednesday questioned in the Supreme Court the filing of a petition during election time on the issue of black money stashed in foreign banks and said action has already been taken in this regard.
"We will file an affidavit within 48 hours even though we have taken action," Additional Solicitor General Gopal Subramanium told a Bench headed by Chief Justice K G Balakrishnan which posted the mattter for hearing on May 4.
Government questioned the timing of filing of the PIL by former Law Minister and eminent jurist Ram Jethmalani and five others including former Punjab DGP K P S Gill and former Secretary General of Lok Sabha Subhash Kashyap.
"Government is acting on the matter and to receive the petition during the election time leaves ground for mystification," the ASG said when the PIL seeking a direction to take action to bring back money to the tune of Rs 70 lakh crore stashed in foreign banks was mentioned by senior advocate Anil Divan.
Subramanium refuted the allegation that government was not taking action on the issue and pointed out that Prime Minister Manmohan Singh, in his opening speech at the recent G-20 submit in London, had said that "there should be an absolute transparency and banking secrecy should be over".
"We are the leaders in seeking transparency in these types of matters," the ASG said and had a dig at the petitioners by saying that they have not noted the speech of the Prime Minister at the G-20 submit.
The petition sought a direction to the Centre to take up with the foreign banks, particularly the UBS Bank, Switzerland, with regard freezing of accounts of Indian businessmen, politicians and other influential persons illegally holding their assets in such financial institutions.
The six petitioners, whom Divan described as "super senior" citizens, have submitted that if the Rs 70 lakh crore, purportedly stashed in foreign banks, are retrieved it would substantially remove poverty in the country and promote its development.
Quoting certain journals and media reports, the petition said the Rs 70 lakh crore, siphoned off from the country between 2002 and 2006, has been stashed in foreign banks.
It claimed the government has knowledge of the matter but no action has been taken against the persons involved.
The petition also cited the purported statement made by Finance Minister P Chidambaram acknowledging the stashing away of such illegal money in foreign banks by influential Indians.
The petition cited the alleged instance of the Enforcement Directorate detecting deposits made of around 8.04 billion dollars with the UBS Bank in Zurich by one Hasan Ali Khan in Pune during a raid in January 2007.
The Income Tax Department had also served a demand notice to the tune of Rs 20,580 crore on Khan, besides, for Rs 40,000 crore from Kashinath Tapuria and his wife Chandrika Tapuria of Kolkota, alleged co-conspirators of Khan, it was claimed in the petition.
According to the petition, unregistered Foreign Investment Institutions (FIIs) had entered the stock market through Participatory Notes and as such their credentials were not known, thus exposing the country to grave threat.
The Ministry of Finance, Reserve Bank of India, Securities Exchange Board of India, Directorate of Enforcement and Central Board of Direct Taxes have been made respondents in the petition.
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
|
|
|
 |
|
|
