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Assocham against revealing account holders abroad


New Delhi, Oct 26 :

Industry chamber Assocham Sunday said premature disclosure of names of Indians with allegedly illegal bank accounts abroad will hurt India’s battle against black money.

AssochamIt said the confidentiality clause under the Double Taxation Avoidance Treaty (DTAT) comes in the way of making public the identity of the account holders.

“The double taxation avoidance treaties are important for Indian residents and corporates which can avoid paying taxes twice,” Assocham secretary general D.S. Rawat said in a statement.

“Revealing the names of individuals allegedly holding unaccounted money can make headlines but will surely make India’s battle against the menace weak.

“Besides, violation of DTATs with 88 odd countries will deal a severe blow to the country’s credibility, he added.

“If names are placed in public domain and those named finally do not get convicted, there would be immense damage to the reputation of the individuals or entities which can harm the entire jurisprudence.”

Complimenting Finance Minister Arun Jaitley for taking a practical approach on the issue, Rawat said: “As the issue is also sub judice, the government will surely be cooperating with the Supreme Court in reaching to bottom of the problem, but the same cannot be done in full public view.”