India may push for amendment in double taxation avoidance regime


In a first positive indicator of the Government’s attempts to pursue the unaccounted black money stashed away in foreign banks, the Centre said it would hold talks with the Swiss authorities in December to push for an amendment in the double taxation avoidance regime.Making a disclosure in the Supreme Court on Tuesday, Solicitor General Gopal Subramanium said the Government would hold talks with its Swiss counterpart to incorporate disclosure clause as part of the double taxation avoidance treaty binding the two countries that would force Swiss banks to share information about Indian account holders who allegedly have stashed black money with them.

The revelation came as part of Subramanium’s submissions in response to a petition filed by noted jurist Ram Jethmalani who sought urgent steps to account for the black money siphoned out from the country and stashed in unknown foreign bank accounts.Arguing before the Bench of Chief Justice KG Balakrishnan and Justices P Sathasivam and BS Chauhan, the Solicitor General pointed out that the Government was committed to its cause to unearth black money. In this regard, he suggested that the Indian authorities had discussions with the nations participating in the recently concluded G-20 summit.

The Bench directed the Centre to file an affidavit in this regard within six weeks and posted the matter for further hearing in the first week of December. Meanwhile, the Centre submitted a status report in sealed cover on the investigation conducted so far against Khan. Disputing the confidentiality of such proceedings, senior advocate Anil Divan, who appeared for Jethmalani, argued that the investigation was in public interest. Jethmalani in his petition claimed that a whopping Rs 70 lakh crore of black money have been stashed in foreign banks.



PNS | New Delhi

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