Swiss bank accounts in CPI(M) manifesto

In the run-up to the 1989 Lok Sabha elections, Janata Dal leader VP Singh — one of the models of the non-Congress, non-BJP alternative — used to speak about Swiss bank accounts and Bofors kickbacks as the main plank against the Congress.

The CPI(M), while trying to replicate the formation of an alternative government after the coming Lok Sabha elections, today raked up the issue of Swiss bank accounts as part of its poll manifesto.

“Halt further tax concessions to corporates; launch a drive to unearth black money, especially those stashed in Swiss banks and other offshore tax havens,” the manifesto said as a part of the party’s prescription for mobilising resources to undertake plans for public spending.

While releasing the manifesto, CPI(M) general secretary Prakash Karat added Prime Minister Manmohan Singh should follow the examples of other states and ask the Swiss bank authorities to reveal the name of Indians who have undisclosed accounts in those institutions.

“After US and UK governments, the EU has recently told the Swiss bank authorities to provide them account details of their citizens. The PM should also write to Swiss bank. But he may not do it because many in the ruling establishment have accounts there,” he said.

Among other proposals for resource mobilisation, the party wants to increase wealth tax for the “super rich”, introduce inheritance tax, and also “plug the Mauritius route, review Double Taxation Avoidance Agreement with Mauritius and other countries”. It also seeks to tax speculative capital gains by restoring Long-Term Capital Gains Tax and increasing the Securities Transaction Tax.