Why does the Modi government refuse to name foreign bank account holders? Bringing back, black money to India within 100 days was in his …

Answer by Bhuvi Jain:

This is one U-turn a lot of naysayers had predicted. Black money revelations is a sack of burning coals – hot and heavy. The sooner a government in power drops it, the faster the can of worms gets hidden from the people.

The timing has been just right – when the country has its eyes on the elections in two major states where BJP is expecting a sweep. So the mood is upbeat and there is a lot happening in the nation. The news has been perfectly placed – a tiny news item tucked away such that blink and you could miss it. After all, the elections are taking centerstage and after that there is the Jayalalitha news and then, there is the announcement by Union Finance minister Arun Jaitley squarely blaming the Congress for their inability to name names of black money hoarders.

The blame game:

  • Blame squarely on DTAA (Double Taxation Avoidance Agreement) signed between India and various countries which supposedly precludes India from divulging black money details. (Me no comprehend :/)
  • He blamed the agreement between the then Congress govt and Germany in 1995 as a constraining factor in disclosing blackoney details.
  • The Modi govt has virtually toed the line of the UPA – it sounded like a spokesperson for UPA explaining why the details cannot be made public. Way to go NDA.

To quote Mr. Jaitley from his speech (I am typing from the physical copy of the Indian newspaper – Mail Today of Saturday, Oct, 18, 2014)
(I am assuming this is attribution enough and I won't be flagged as all my answers are lately beginning to be)

"Is the present NDA government led by Modi in any way reluctant to make some names public? Certainly not. We have no difficulty in making names public. But they can be made public only in accordance with due process of law. And the due process of law has been constrained by DTAA entered between India and Germany when the Congress party was in power on June 19, 1995."

(Well played, Mr. Jaitley!)

What makes this more interesting is that the Supreme Court had earlier rejected the same stand taken by UPA observing that such DTAAs do not prevent the Center from disclosing names of the persons having names in foreign banks.

(United we stand? Or, is this a divided united stand?)

Why does the Modi government refuse to name foreign bank account holders? Bringing back, black money to India within 100 days was in his …

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