Supreme Court has taken a very tough stand in the black money case. It has virtually rapped the government for seeking modification of its order on black money on disclosing names of account holders in foreign banks. Supreme Court has said in no uncertain terms that they won't change even a word of their order.
The apex court has directed Centre to place before it names of all Indian account holders in foreign banks by Wednesday. SC has said that government doesn't need to do anything. They just need to pass the information and the apex court will pass orders for further probe. SC in a scathing comment has said to centre. " Why are you providing protective umbrella to foreign bank account holders? You do not have to take interest in people (having foreign bank accounts), SIT will take care of it".
Virtually showing no faith on the government, SC has said that " We can't leave the issue of bringing back black money to government. It will never happen during our time". It also went on to say that New regime at Centre can't ask modification of order when it was passed in an open court and accepted by the government.
On Monday, centre had submitted three names to the Supreme Court. But clearly apex court is not happy with centre's stance so far.
The Supreme Court has been monitoring the black money probe since 2009, based on a petition filed by Ram Jethmalani.
The previous government had reasoned arguing that tax treaties with other countries prohibit the disclosure of names until charges are formed. But there are many critics to this line of argument.
Reacting on SC's observation, Arun Jaitley has said that they will furnish the entire list. FM has also clarified that they have no issues with any agency probing the black money case. However he said that procedure should be followed such that reciprocating countries continue to cooperate in the probe.
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