No naming and shaming under black money law: FinMin

Revenue department would come out with more clarifications through FAQs on the Undisclosed Foreign Income and Assets Act

The Revenue Secretary Shaktikanta Das on Monday sought to allay fears of industry about any harassment under the black money law, but asserted that the Act needs to be stringent to tackle with the issue of stashing of assets by Indians abroad. He said the revenue department would come out with more clarifications through frequently asked questions (FAQs) on the Undisclosed Foreign Income and Assets Act, popularly known as Black Money Act.

"Black Money Act is non-discretionary in nature. Only limited officers of the rank of commissioner are authorised with implementation of the law. Disclosures will be treated as confidential information," he told a conference of chartered accountants here. He said full confidentiality about the information disclosed will be maintained. "Black money law is not arbitrary. Non-discretionary law, in fact, is fair and transparent," he said.

Das categorically said that the law is stringent because the government wanted it to be a strong deterrent. "Cannot get a soft law to deal with black money," he said. The revenue secretary said the problem of black money needs focused legislative and administrative treatment.