In a recently held press conference Defence Minister Nirmala Sitharaman put forth BJP’s stand on the Centre’s resolution on exposure of non-performing assets by some senior Congress party members namely former Finance Minister P Chidambaram.
Sitharaman brought into focus the action taken by the income tax department against the former Home and Finance Minister P Chidambaram for stashing away illegal assets in many countries on which the media had disclosed lot of details. Nirmala Sitharaman highlighted this moment for the Chidambaram family as the “Nawaz Sharif moment”.
We are aware that in Pakistan due to non-disclosure of assets held abroad and non-disclosure of assets and income earned abroad partially or fully the Pakistan Supreme disqualified Mr. Nawaz Sharif, not to miss out the parallels in this case in India where a former minister holding a very important portfolio is being investigated for not disclosing his foreign assets partly or fully.
The income tax department has filed four charge sheets against the Chidambaram family which relates to the Undisclosed Foreign income and Black money imposition of tax act 2015.
In the pursuit of black money, the government of India as a part of its electoralpromise took a firm stance to bring to the fore disproportionate assets held abroad and in this country by significant government officials, asserted Sitharaman.
As a part of the electoral promise made by the government in 2015 an announcement was made to disclose the illegal assets before the stipulated time of September 30th.
On bringing the illegal assets to public notice the Undisclosed Foreign income and Black Money imposition of tax act give the provision of 120 % tax and penalty on the undisclosed assets and also a jail term based on the severity of the penalty.
The present charge sheet was filed by the income tax department against the Chidambaram family for not disclosing the immovable assets partly or fully in a place called Cambridge in UK worth Rs 5.37 crores and property worth 80 lakhs in the same country elsewhere. Along with this assets roughly valued at 3.28 crores held in the United States of America.
This law was brought by BJP government to expose tax evaded money kept abroad. So the non-disclosure assets issue is followed upon by the income tax department as per various sources of the media.
There are also further allegations not yet corroborated on the Chidambaram family possessing bank accounts in 21 countries on which media is getting source based information.
If such allegations are true then the former finance minister should know the responsibility of being in the cabinet having to disclose his source of income stated as per the law of this country.
It’s for this reason that the income tax department is taking steps to investigate the questionable transactions of Congress party President, Rahul Gandhi who is also out on bail.
He should clarify his stand to his party and the entire nation, whether he is going to investigate the non-disclosure of assets and income held abroad party and fully by a senior leader of his party.
It’s worth mentionable that the BJP always strongly hammered action taken by the income tax department on matters of disclosure of illegal assets whether in power or in the opposition. The BJP always stated the
But the former finance minister forgets to state his assets abroad even when in power. It can’t be an oversight for a minister who was a chartered accountant and also held an important portfolio to state his assets abroad.
The high court in Madras also dismissed the case on the excuse given by Karti Chidambaram that the two different departments cannot interrogate on the same matter.
Sitharaman also mentioned that the operators of the 26/11 terrorist attacks were based out of Pakistan and India’s role on conviction of Ajmal Kasab has been followed by a legal procedure which proves that India’s stand has been right all the way.