Despite of the mounting pressure from the Supreme Court, the Centre is unlikely to reveal any information about any Indian having stashed the black money abroad in its affidavit to be filed before next Thursday’s crucial hearing but would focus on measures initiated for information gathering through the DTAA and strengthening the monitoring of transfer price system (TPS).
As more than 70 per cent of world’s black money is stashed in Swiss banks, the government in the affidavit is likely to spell out the formulation of a revised double taxation avoidance agreement (DTAA) with Switzerland to make information gathering under “transfer pricing system (TPS)” about any money transaction abroad easier.
Facing intense pressure forma the apex court for revealing the names of those “faceless Indians” who have stashed unaccounted money in banks abroad, Solicitor General Gopal Subramaniam on January 20 had sought time till Monday to file the affidavit detailing the steps initiated by the government.
While the government at this stage is not ready to go beyond DTAA route to get the information about “black account” holders but it wants to emphasis more on reforming the system for strict tab on TPS.
To put the TPS on rigorous scrutiny was evolved in an understanding reached by G-20 countries for better cooperation on transfer of the “ill-gotten” money.