The Indian Prime Minister Manmohan Singh said that it is not possible to provide information on black money stashed in tax havens abroad as it will entail violations of its treaty obligations.
Manmohan Singh told reporters when asked about the government’s stand that ‘The information will not be made public. It will be a violation of the treaty.’
‘There is no instant solution to bring back what is called black money. We have got some information and that has been provided to us for use in the collection of taxes,’ he added.
As per the guidelines of the Organisation of Economic Cooperation and Development (OECD), India has signed independent treaties with a host of countries and territories to share information on illegal transfers, often referred to as black money.
Manmohan Singh’s remarks came on a day the Supreme Court voiced displeasure over the government’s reluctance in providing full information on the black money stashed by Indians in foreign banks, saying it was a theft of national wealth and amounted to ‘plunder’ of the nation.
Government’s reluctance to disclose names points the needle of suspicion towards it, according to BJP president Nitin Gadkari.
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