Govt. has identified holders of 427 accounts abroad: Jaitley on black money

Asserting that the Centre is committed to identify every black money account holder, Finance Minister Arun Jaitley on Wednesday said the government has identified holders of 427 accounts abroad and notices have been sent to them.

"The issue is not about whether to disclose these names; the issue is when to disclose it. Out of the 627 HSBC cases, we have been able to trace out and identify about 427 and we are giving notices to most of them. We are completely committed and sincere in identifying every account holder," Jaitley said while responding to the debate on black money issue in the Rajya Sabha.

"About 250 account holders have admitted having accounts abroad. We have made the disclosure of names to the Supreme Court and SIT. The names will become public, but getting evidence from other countries is complex. In the case of black money, the money is Indian. However, the evidence is global and collecting such evidence will take time," he added.

Jaitley further said that automatic exchange of information is going to be the next step in the global black money probe.

"Countries are now agreeing on automatic exchange of information on all transactions. Automatic exchange of information is going to be the next step in the global black money probe. Switzerland entered into an agreement with India after 2011 for exchange of information. Crime money is the first way in which black money is created. People have now started cooperating on providing information on black money created through tax evasion," the Jaitley said.

"The SIT on black money has made its first report to the Supreme Court. It will make the second report before November 30. We have 92 DTAA treaties, out of which 91 have confidentiality clause. Every treaty that we have entered into has a confidentiality clause except one treaty with Romania. We are on a learning curve but the Opposition is suggesting a suicidal course on black money," he added.

The Finance Minister also said that a populist stance on black money would help black money account holders.

"If we indulge in a populist and adventurist stance, it will help the black money account holders. Populism is not a response to black money. If we follow adventurous course, it will be a one-day thrill. But then other countries will not cooperate with us," said Jaitley.

"The Supreme Court had said that black money is making the country's economy hollow. We are today working under the directions of the Supreme Court. When the NDA met for the first time, our first decision was to accept SC's decisions on black money. But when the UPA government was in power, it was going against SC orders on black money," he added.

Jaitley's statement caused uproar following which members of the Congress, Trinamool Congress (TMC), Communist Party of India (CPI) and the Samajwadi Party staged a walkout from the Rajya Sabha.