New Delhi, July 14 (Inditop.com) The government is not considering a fresh disclosure scheme for unearthing hidden wealth even as talks are underway with Mauritius to ensure Indians are not able to park their ill-gotten wealth in the island nation, parliament was informed Tuesday.
“A committee was set up in 2004 and has made some recommendations but I am not enamoured with another disclosure scheme,” Finance Minister Pranab Mukherjee said during question hour in the Rajya Sabha.
“Various schemes have been introduced since the 1950s. I myself piloted a voluntary disclosure scheme. However, we have been receiving complaints that such schemes actually penalise honest taxpayers as those who disclose their wealth through such schemes actually pay lower taxes,” Mukherjee explained.
Answering a supplementary from Rajeev Shukla (Congress) on Mauritius becoming a major source of black money because of its liberal financial regime, Mukherjee said: “I had taken up the issue as external affairs minister and the same is being pursued.
“We want to amend the agreement of the 1980s. We are saying let us calculate the financial losses (to Mauritius) and compensate them through other means. We can provide them aid of $3-4 billion. Talks are on,” the minister added.
Answering a supplementary from M. Venkaiah Naidu (Bhratiya Janata Party) on the steps being taken to retrieve money illegally parked by Indians abroad, Mukherjee said: “We are aware of the problem and have initiated steps on this.
“World leaders (at the G-20 summit in Washington last November) had agreed on transparency in financial transactions,” the minister added.
