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black money

26 April 2016

In a revelation which may shock many, the Solicitor General, Ranjit Kumar told the Supreme Court’s three-Judge bench hearing the black money investigation case this afternoon at Court No 2, that nothing survived in this case, and the court could dispose it of.

07 April 2016

There are many cases in the Supreme Court, which are under continuous monitoring of the court, meaning that the court, rather than dispose them of after issuing certain orders, monitors them once in a while, so as to ensure compliance with its orders by the authorities concerned. The petition, filed by senior counsel Ram Jethmalani in 2009, (writ petition [civil] 176 of 2009) is one such, which has seen several ups and downs.

28 April 2015

Ram Jet adRam Jethmalani has run a half-page advertisement article in the Indian Express today, arguing in detail why he is fighting for black money stashed in foreign bank accounts to be repatriated, laying into both his own party the BJP and the former Congress government.

09 February 2015

HSBC KolkataKhaitan & Co Mumbai-based partner Haigreve Khaitan has said that the family’s Swiss HSBC Bank account was set up as a way of legally and transparently diversifying their investments abroad but was closed after only a few years.

17 October 2014

The central government today told the Supreme Court that it could not disclose the names, received from foreign governments, of people who have allegedly stashed away their ill-gotten money to tax havens, as it was bound by the confidentiality clause under the double taxation avoidance agreement.

Its stand was made in an application seeking modification of an earlier court order asking it to disclose the names all such people it had received from German government to the petitioner Ram Jethmalani.

Attorney General Mukul Rohatgi mentioned the application for an urgent hearing before a bench of Chief Justice HL Dattu, Justice Madan B Lokur and Justice AK Sikri.

The government has said that the names of such account holders against whom the prosecution has been launched could be disclosed as they are in public domain but in case of others, it was bound by the confidentiality clause.

The government has said that such disclosures would be counter productive for get information on black money stashed away in tax havens as foreign governments would not share such information in future.

The court had Aug 20 directed the central government to give Jethmalani details of the account holders in banks of Liechtenstein that were submitted to the court on May 1. The court’s order came as senior counsel Anil Divan told the court that government had given him the names of 18 people against whom prosecution has been launched but held back the names of eight people.

However, senior counsel Ram Jethmalani, the petitioner in the plea seeking steps to bring back black money stashed away in tax havens, assailed the government position saying that it could as well be the position of people involved in taking ill-gotten money to tax havens and not that of the government.

Jethmalani Friday told the court that he had written a letter to Prime Minister Narendra Modi on the issue.

The apex court by its July 4, 2011 order had set up the SIT which was mandated to undertake the investigations into the unaccounted money stashed away outside the country in tax havens and foreign banks and take steps to bring it back.

The SIT comprises the revenue secretary, the deputy governor of the Reserve Bank of India, the director of the Intelligence Bureau, the director, enforcement directorate, the director, of the Central Bureau of Investigation, the chairman of the Central Board of Direct Taxes, the director general of the Narcotics Control Bureau, director general, Revenue Intelligence, director, Financial Intelligence Unit, and Joint Secretary, (FT & TR-I) in the CBDT The court had said that SIT would also include director, Research and Analysis Wing (RAW).

However, the SIT could not get operational till May 1 as the government dragged its feet on the issuing the notification. On May 1, the apex court held that there was no ambiguity in July 4, 2011 order and directed the central government to issue the necessary notification.

Initially by July 4, 2011, SIT was headed by former apex court judge Justice BP Jeevan Reddy with another former judge Justice MB Shah as second in commandA

However, Justice Jeevan Reddy withdrew from the SIT citing personal reasons. The court by its May 1 order made Justice MB Shah the chairman with another former apex court judge Justice Arijit Pasayat as vice chairman.

26 March 2014

The Supreme Court rejected the government's plea to undo its judgment asking for a special investigation team to probe black money stashed abroad in a PIL that was first filed and won by senior counsel Ram Jethmalani. Anil Divan represented Jethmalani, while Mohan Parasaran argued for the government [Business Standard]

05 July 2011

The Supreme Court (SC) yesterday appointed a special investigation team (SIT) under former SC judges B P Jeevan Reddy and M B Shah to supervise the investigations and probe into illegal monies stashed by Indians in foreign banks and tax havens abroad.

20 January 2011

rupees-stack Exclusive: Senior advocate Anil Divan, whose public interest litigation (PIL) with Ram Jethmalani and others over the problem of black money stashed abroad, has slammed the government for equating the problem to mere tax evasion while commenting on the future of the case concerning up to Rs 70 lakh crore ($1.4trn) of wealth that is believed to be parked by Indians in foreign banks and tax havens.

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