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Black money: red-faced Govt not to reveal names

This article was posted on Jan 21, 2011 and is filed under Market News

New Delhi: A day after the Government came under attack from the supreme court over black money stashed abroad, Prime Minister Manmohan Singh has raised the issue in the cabinet.
The issue could see the Government facing fresh opposition attack in the Budget session. And sources told CNN IBN that the g Government not likely to reveal the details.
The government seems so much red faced over the black money issue that a Cabinet meeting was held on Thursday and the Prime Minister broached the topic of black money.

Sources said, during a discussion on an overseas project the Prime Minister advised caution and expressed concern that the black money issue was grabbing headlines.

Mamata Banerjee too was aware that the left could make it an election issue and insisted that the Government needed to act soon.

Finance Minister Pranab Mukherjee stepped in and assured that he would clear the air soon.

“The Government is committed to bring all those money and find out the truth” said Defence Minster AK Antony.

The Government is unwilling to yield much, but is trying to make the right noises with the Central Bureau of Direct Taxes (CBDT) announced that it had recovered Rs 44.2 crore of unaccounted money.

“In a search and seizure operation conducted by the Income Tax Department yesterday and day-before, unaccounted amounting to Rs 44.2 crore was seized,” CBDT in a statement.

Also, a day before the GoM on corruption, another GoM ratified a UN convention on corruption, which means India will work along with other countries in dealing with cases of tax evasion, illegal investments and even black money. Yet the Government is clear that no names will be revealed.

The Prime Minister may be embarrassed, but the measures may not cut the ice with the Opposition, which would have yet another issue to corner the Government on during the Budget Session.

source: IBN Live

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