Left to govt: Confiscate black money in Swiss Bank accounts

The Left parties Friday asked the government to confiscate the black money allegedly stashed in Swiss Bank accounts and make the names of the account-holders public.

Last Updated: Jan 21, 2011, 16:09 PM IST

New Delhi: The Left parties Friday asked the
government to confiscate the black money allegedly stashed in
Swiss Bank accounts and make the names of the account-holders
public.

"Government should not only obtain full details of these
accounts, but also make the names of the account-holders
public and bring the money back to the country for investment
in social projects," party leader Sitaram Yechury told
reporters here.

In a statement, the CPI(M) Politburo said the "laxity"
of the UPA government in unearthing black money stashed in
Swiss Bank accounts and other tax havens "has been exposed by
the recent observations of the Supreme Court".

It said the "unaccounted and ill-gotten wealth, amassed
through tax evasion, money laundering and other illegal means,
parked in these Swiss Bank accounts should be directly
confiscated by the Union Government from the Swiss Banks.

"These monies should be brought back to India and the
details of the account holders must be made public," it said,
adding that any delay in undertaking these steps would be
unacceptable.

Earlier, CPI general secretary AB Bardhan had said,
"What is the secrecy about black money? Why are they not
revealing the names? Why are they keeping them (names) under
sealed cover? We want to know who they are.”

He had said that those who had kept money stashed in
Swiss bank accounts had done so to evade taxes. "They are tax
evaders. They have committed a crime. The fund should be
confiscated."

The Left parties` demand came after the apex court pulled
up the government for withholding information on black money
stashed in foreign banks, saying it was not just limited to
tax evasion but was a "mind boggling crime" amounting to
"theft" and "plunder" of national wealth having security
ramifications.

Earlier, a Swiss bank staffer had handed over details of
2,000 secret Swiss bank accounts to whistle-blowing site
WikiLeaks, claiming the list, contained in two compact discs,
included names of about 40 politicians, multinational
companies and financial institutions from Asia, Europe and the
United States.

Maintaining that the website would publish the list in
future, WikiLeaks founder Julian Assange said he wanted the
world to know the truth about money concealed in offshore
accounts, how they evaded taxes and the systems in place to
keep this secret.

PTI