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India's illegal wealth abroad is not just an issue of tax evasion
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The Indian government says it cannot disclose the names provided by Germany as they have been obtained under the Double Taxation Treaty but it has initiated proceedings against the accountholders under tax laws.
This begs the question -- why did the government of India ask information under the Double Taxation Treaty when the LGT Bank issue doesn't have any link to that? Besides, where is the question of confidentiality when dealing with criminals? Germany has released its own list; how then is it asking India not to release it?
- A report in a financial daily said out of 50 names in the LGT Bank list, 25 were from Mumbai, none being big industrialists or well-known individuals. Not surprising -- big industrialists and politicians will hardly hold these accounts under their names.
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Wednesday, July 1, 2009
India's illegal wealth abroad is not just an issue of tax evasion
