The Indian government may disclose only three names of black money account holders in an affidavit to the Supreme Court on Monday, despite criticism from many quarters including the opposition Congress, said media reports.
Last week report by Hindustan Times said the Centre was likely to tell the apex court “names of people against whom strong evidence exists” and not all the 782 names that the French government has disclosed to it. It is learnt that more than $500 billion (Rs.31.4 lakh crore) has been kept as black money or unreported revenues by Indians in Swiss banks, spiralling almost a huge parallel economy that is threatending the country’s fiscal estimates.
The Modi government has vowed to nring into open the names of blackmoney holders abroad but the move was scuttled, according to finance minister Arun Jaitley, by the bilateral agreements with several nations under the Avoidance of Double Taxation treaties.
A Supreme Court directive to set up a high-powered special investigation team was already formed under retired judge MB Shah to look into the issue and three think-tanks have been conducting reserch on the extent of black money holders abroad.
The BJP in its 2011 estimate alleged more than $500 billion was stashed away illegally abroad and it was one of the main planks for Narendra Modi while campaigning the elections. His promise to bring back the money is still much-awaited with no concrete outcome so far, except today’s revelations, which my give some hint on the government’s seriousness to disclose the details.