‘NDA decisions allowed growth of black money’
The Lok Sabha, which discussed an adjournment motion on black money on Wednesday, saw heated exchange between Congress and BJP members over policy changes “that allowed black money into country.”delhi Updated: Dec 15, 2011 02:43 IST
The Lok Sabha, which discussed an adjournment motion on black money on Wednesday, saw heated exchange between Congress and BJP members over policy changes “that allowed black money into country.”After BJP leader L K Advani initiated the debate on adjournment motion, Congress’s Manish Tewari encountered the BJP attack quoting the amendment of rules during the NDA regime. Mentioning there are three sectors—real estate, the gold-bullion and the Mauritius round tripping of black money route —Tewari said the NDA’s decisions allowed growth of black money menace in the country.
“Interesting thing about the Mauritius route that there was a Circular called 789, issued on April 13, 2000, by the NDA government. It prevented the assessing officers from finding out whether a person was a bona fide resident of Mauritius or not. This exempted anyone who claim to be Mauritius resident from tax,” the MP said.
“I can give you far more examples to show the manner in which the NDA, during those six years, actually diluted the provisions of the law help, to generate black money,” he said.
Yashwant Sinha, the then finance minister, termed Tewari's contention as untrue and accused the Congress member of twisting facts.
“The Double Taxation Avoidance Agreement with Mauritius was signed in 1982 when Indira
Gandhi was the Prime Minister and FDI and other investments were opened in 1993 when PM Manmohan Singh was the finance minister. We did nothing except continuing the policy,” Sinha said.
“Facts can be twisted by ignoring facts and that is what Manish Tewari has done.”
Referring to Hasan Ali issue, Tewari said between 1997 and 2006, money in Ali's bank account rose to $8bn .
“Out of those nine years, who was ruling for six years? The NDA. Was it not its responsibility to find out how money was siphoned off and went abroad?” he asked.