SC Condemns Govt for Black Money Hoarding at Swiss Banks

Legal News India: The Supreme Court of India condemned the Central Government on the issue of black money stashing in the Swiss banks. Demanding the reason for the government seeing the matter only from the point of view of taxation, the apex court said that there are other grave and more dangerous matters involved. “You are aware of some names, have you set law in motion against them? And why are you repeatedly talking about tax issues only?” demanded the SC.

The SC further questioned "Is there no basis to figure out black money? What is the source of black money, which has been stashed away in foreign banks? Is it arms deal, drug peddling or smuggling?"

Last week, the Supreme Court asked the Centre to quote the reasons for not disclosing the names of those who had hoarded black money in the foreign banks. The German authorities had shared 26 names. The court questioned the Centre even in this regard, as to whether they had access to only those 26 names or more. Finance minister Pranab Mukherjee claimed that all efforts were concentrated on ascertaining the details of those who had black money stashed abroad.