Black Money probe version 2.0: Secrecy and confidentiality
Bengaluru, July 22: The Income tax department will ensure complete secrecy when it comes to the issue of black money. Revealing the names of black money holders has done more harm than good for the cause. Certain countries have given out names in good faith but the fact that the names have been made public has not gone down too well with those countries.
During the first phase of the probe into black money holdings, several names had been made public. This has led to a slow down in more information coming in to India.
Those part of the probe and also the Income Tax department say that maintaining confidentiality is of utmost importance in such cases. Several countries have given us information based on trust and the clause is that these names shall not be made public.
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In cases of black money there are various curable clauses which include payment of fine and also declare the amount of money parked abroad. Not all cases can lead in criminal action, IT department officials noted.
The next round of the investigation would have a slightly different approach. India would assure that there will be confidentiality maintained and results will speak for itself. The officer added that naming the persons holding black money is not the solution to the problem.
The problem can be solved only once the black money has been brought back. Many persons under the clause of confidentiality have come forward and agreed to pay up the required fines. At the end of it, the IT department and the investigators will need to ensure that the money is brought back to India.Also read: Govt notifies rules for asset valuation under black money law
Probe will speed up:
Officials say that every citizen needs to be rest assured that the issue of black money will be sorted out. There has been a change in our strategy after Germany in particular had raised an issue about the names of those holding black money had been made public.
The IT department has now decided that it would speak with these countries and ensure that the leaks are plugged. The investigators are confident that the probe would move on the right track from here onwards. We will maintain the sanctity of the clauses pertaining to confidentiality, the official also informed.
The issues that were raised by various countries and especially Germany was that when information is shared it ought not to be made public as it violates the terms of the treaty.