In an important revelation, the central government on Monday released names of three persons holding accounts in foreign banks currently under the scrutiny of the income tax authority.

 

Pradip Burman (former director, Dabur India Limited), Pankaj Chimanlal Lodhiya (chief promoter of Rajkot-based Shreeji Trading Company) and Radha Satish Timblo (Goa-based miner) are the Indians named in an affidavit filed by the government in the Supreme Court.

The government in the affidavit said it has no intention to hold back any information or the names it has received from the foreign governments of Indian citizens holding undisclosed accounts in foreign banks.

The government also said that soon after assuming the office, it set up the special investigation team to probe the flight of black money to the tax havens as ordered by the apex court.

Every foreign account held by an Indian may not be illegal and names cannot be disclosed unless there is prima facie evidence of wrongdoing, further underlined the government.

It also told the court that Switzerland has indicated willingness to provide information on black money in cases where probe has been done by the IT department.

Reacting to the news, a Dabur spokesperson said in a statement that Pradip Burman opened the account legally when he was an NRI. He followed all the laws while opening the account, the statement added. 

"We have followed all the laws and the complete details regarding the account have been voluntarily, and as per law, filed with the Income Tax Department, and appropriate taxes paid, wherever applicable," he said, adding that it is unfortunate that every person having a foreign bank account is being painted with the same brush.

Pradip Burman currently holds no position in the homegrown FMCG major although he was once a Whole Time Director of Dabur India.

Bullion trader Pankaj Chimanlal Lodhiya denied having a Swiss bank account.

"We have already declared in the income tax and there is nothing...We don't have any Swiss account that is the only thing which I can say," he said.

"(I have) no idea how I was named in the list. We are in the business for the last 15 years and we have business all over India," Lodhiya added.

He said that he had already submitted details related to his business to the Income Tax department following an income tax raid one and a half years ago.

"These are old issues and we have already replied to them (income tax department)," Lodhiya said, adding he would co-operate with the authorities. 

Goan mining magnate Radha S Timblo, who is among the three individuals accused by the Centre of stashing black money in Swiss banks, said that she needs to study the government's affidavit to the apex court before commenting.

The Supreme Court bench headed by Chief Justice HL Dattu had earlier on Monday permitted the filing of the affidavit after Attorney General Mukul Rohatgi mentioned the matter before the court this morning.

Calling it a "historic day in the black money case" , BJP national spokesperson Sambit Patra, meanwhile, told a news agency that the "process of disclosure of names has begun". “Names are gradually being declared. Today is the beginning of the end of those who illegally stacked black money abroad,” added Patra.

Since the list included only businessmen, Communist Party of India (CPI) leader D Raja asked why the Centre has not released names of politicians. "Where are the names that will embarrass Congress party," asked Raja, referring to Finance Minister Arun Jaitley's statement earlier this month. The Congress had also attacked Jaitley over his remarks that disclosure of names of those holding illicit foreign accounts will embarrass the party.

In the meantime, Congress leader Digvijay Singh dared Prime Minister Narendra Modi and Rashtriya Swayamsevak Sangh chief Mohan Bhagwat to disclose the complete list of Indians who have stashed black money abroad.

Meawnhile, BJP leader Subramanian Swamy said there was no hindrance of law to disclosing entire list of account holders. “I don't know why the government is disclosing selective names,” added Swamy.

The National Democratic Alliance government had earlier stated in the court that it cannot make public the names of black money account holders in foreign banks due to the confidentiality clause under the Double Taxation Avoidance Treaty (DTAT) with some countries. 

Later, Jaitley said the government "stands committed to detect the names, prosecuting the guilty and making them public. We are not going to be pushed into an act of adventurism where we violate the treaties and then plead that we are no longer able to get the cooperation of reciprocating states...".(PTI)