Black Money Case: Govt Reveals 3 Foreign Account Holders’ Names — Dabur’s Burman, Rajkot trader Pankaj Lodhiya and Goa miner Timblo

The government has revealed 3 names in the Supreme Court for stashing away balck money in Swiss banks and they are, as expected, some top business figures — Pradip Burman, Pankaj Chimanlal and Radha S Timblo and no politician was in the list as expected.

Burman is former director of Dabur, Pankaj Chimanlal Lodhiya is a Rajkot based bullion trader and Radha S Timblo is a Goa based miner.

In response to the revelations, the Burman Group said Pradeep Burman’s account was opened when Pradeep Burman was an NRI and “all the details regarding the account have been voluntarily filed with the Income Tax department and appropriate taxes have been paid. “It is unfortunate that every person having a foreign bank account is being painted with the same brush,” accused the statement released by the Group.

Bullion trader Pankaj Chimanlal Lodhiya has reacted saying he has no foreign account at all.

The government filed an additional affidavit in the Supreme Court today, regarding the case stating reasons for not revealing the names of those foreign bank account holders who were reportedly not being prosecuted for any illegality under the income tax law.

While there were allegations and accusations on the names of politicians, according to the reports, the names which would reveal today includes of no political personality. However, the names of politicians would reportedly be revealed only if prosecution is launched against them.

As per reports, the government has recently told the Supreme Court that it can’t reveal the names received from other countries as it would violate tax treaties with those countries.

Earlier, Finance Minister Arun Jaitley has said that the Congress party would be embarrassed when the government reveals in court the names of those who have stashed away undeclared income in overseas accounts.

Warning Congress to get set to be worried, he has said, "Once we inform the court, the names will automatically come out in public; the media and Congress got this story all wrong." Whereas, accusing Jaitley of “bluffing” on the people, Congress leader Ajay Maken has warned BJP, saying, “The government should not try to blackmail Congress” and dared them to name the ‘traitors’.

In the run-up to the Lok Sabha polls, the Bharatiya Janata Party had promised to bring back black money kept by Indians in overseas banks and repeatedly slammed the Congress led United Progressive Alliance for not taking an effective action anything to bring back the blackmoney and accusing it of shielding the corrupt. Modi-led government had promised to fulfil its promise, after assuming power in the month of May.

However, expressing reservation on disclosing all information on account holders, the government said that the foreign countries may not give further information and it would also be difficult to get into Double Taxation Avoidance Agreement with other nations.

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