You are here: Home » Current Affairs » News » National
Business Standard

Chidambaram's foreign assets case Cong's 'Nawaz Sharif moment': Sitharaman

Sitharaman further alleged Chidambaram of violating the black money law brought by Prime Minister Narendra Modi government

ANI  |  New Delhi 

Nirmala Sitharaman
Nirmala Sitharaman

Union Defence Nirmala on Sunday accused the of not taking any action against former P for allegedly failing to disclose foreign assets.

Addressing the media, said that the Congress Rahul Gandhi, who himself is out on bail on a financial matter, should certainly comment and tell people of if he is going to investigate on Chidambaram's not having disclosed income held abroad.

Calling it the "Nawaz Sharif moment" of the Congress Party, said that the alleged financial discrepancies can't be overlooked by the party.

"For some time now, we have been hearing through the media that a lot of action by the Income Tax (IT) authorities against the former Minister, P Chidambaram, and his family. We want to draw through the media, your attention and also the people of India's attention, to the facts around it and put forth before you, if in for the Congress party, this is the Nawaz Sharif moment. All of us are aware that in due to a non-disclosure of assets held abroad, non-disclosure partly or fully of assets and income earned from abroad, the Supreme Court had disqualified Nawaz Sharif and the parallels cannot be missed out in this case," she told reporters in New Delhi.

Sitharaman further alleged of violating black money law, which was brought by Prime government as part of its drive against black money and to prosecute those who have secretly stashed illicit wealth abroad.

"I am starting by wondering if for the Congress party, in India, we are seeing a Nawaz Sharif moment, wherein a former minister, a senior one at that, who held very important portfolios such as and Home is being investigated upon for not disclosing his foreing assets, partly or fully, held probably in one country or more than one country. didn't disclose his investments to tax authority, violating Black Money Law, which was brought by the government as part of its drive against black money and to prosecute those who have secretly stashed illicit wealth abroad," she added.

She said the filed four charge sheets in a Chennai city court on May 11, 2018, against Chidambaram's wife Nalini, son and his wife under section 50 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

"The present charge sheets are for not disclosing, either partly or fully, immovable assets like the one at in the worth Rs. 5.37 crore, property worth Rs. 80 lakh in the same country and assets worth Rs. 3.28 crore in the Apart from the property in Cambridge, Chidambaram's investment of Rs. 3.28 crore and Rs. 80 lakh in LLC in USA and assets and accounts in Totus Tennis in UK also came under the charges framed by Income Tax under Black Money Act," she said.

Levelling allegations against Chidambaram's family of holding illegal assets, Sitharaman said "Chidambaram family's illegal assets in 14 countries and 21 are expected to be worth three billion dollars."

Meanwhile, when asked to comment on the allegation, said, "You know I don't react. The matter is in the and will be decided there."

On May 11, the filed prosecution complaints under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 against Chidambaram, his mother, Chidambaram and wife, Chidambaram.

The prosecution case filed under section 50 of the Black Money Act at a Chennai court, alleged that the trio made investments in foreign assets which were not disclosed fully or partly in their returns.

Further, the had recently issued notices against Karti and his family members under Section 10(1) of the Black Money Act, which was challenged by him in the Madras

The court had later dismissed his writ petition.

First Published: Sun, May 13 2018. 16:24 IST
RECOMMENDED FOR YOU