Black money revelations: Why corporate bodies 'mum' on the issue?

New Delhi, Oct 27:The disclosure to the Supreme Court of names of three holders of illegal accounts abroad has predictably led to a political uproar, but major corporate bodies are still silent over the issue. They have not yet issued any reaction on the development.

Among corporate bodies like FICCI, CII and PHD chambers only ASSOCHAM has reacted on the issue.

In a statement, Assocham said the Government should not prematurely disclose the names of such persons as it could hamper battle against this menace.

"The double taxation avoidance treaties are important for the Indian residents and corporates which can avoid paying taxes twice. Revealing the names of individuals allegedly holding unaccounted money can make to headlines but will surely make India's battle against the menace weak. Besides, violation of DTATs will deal a severe blow to the country?s credibility," it said in a statement.

It also appealed to the different political parties to see reason while exerting pressure on the Government to disclose classified information about individuals or entities relating to their alleged illegal accounts abroad.

As per experts, the silence among the corporate bodies on such important issue raises eyebrows.

OneIndia News