After some scathing comments from the Supreme Court yesterday, the government today submitted a list of 627 bank accounts held by Indians and NRIs at HSBC Bank branch in Geneva. The government also requested the court to respect the bilateral treaties, which have facilitated the transfer of these lists to India.
This list was given to India by the French government in 2011.
The apex court refused to open the sealed envelope, saying that the documents will be placed before the special investigation team. The SIT has been asked to wrap up its investigations by March next year.
Talking to CNBC-TV18 Harish Salve, Senior Advocate, Former Solicitor General says violating confidentiality norm in treaties will damage India more.
According to him SIT can ask government to make the names public.
Below is the transcript of Harish Salve's interview with Shereen Bhan and Ashmit Kumar on CNBC-TV18.
Shereen: Does today's Supreme Court order placing the documents and the onus of investigations on the Special Investigation Team (SIT) impact India's bilateral commitments under the confidentiality clause?
A: As of now this order doesn't by itself infringe any or rather will not drive India into infringing any bilateral investment treaty obligation. However, the overall suggestion that there is still a possibility that SIT may ask the government to make the names public; that should be seriously worrying the government.
When the dust subsides you will realise that will be a bigger setback to India's attempts to join the world in curtailing black money rather than be of any real good other than embarrassing a few people. Let us be very clear, when we talk of black money, what I speak of is not proceeds of crime, not corruption money, not terrorism money, not money generated by extortion, by kidnapping or by measures of that kind. That is not black money; that is proceeds of crime.
Let us talk of black money. Black money is that should have legitimately paid tax in India but has not paid tax in India.
Ashmit: Just taking a step back, looking at the Supreme Court itself, it appeared to be very unrelenting on the question of disclosures. Are you seeing this as a case of perhaps judicial overreach, a case where the judiciary is stepping into the domain of the executive?
A: I was not present in court, I have only gone by the media reports but if the Supreme Court is going to review – they have not done anything so far but the media suggested that the court said do not sign a particular treaty or we will direct you not to respect confidentiality. I don't think the court would have even said that but if they did then there is a serious problem there.
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