SC black money order a step in right direction: Sorabjee

Commenting on Supreme Court's directive to the Centre to disclose names of all the account holders in the black money case, Soli Sorabjee, former Attorney General says the SC order may be a step forward. However, he says the move may hurt government's credibility abroad. "You cannot ask government to do something in breach of law", said Sorabjee.

Below is the transcript of Soli Sorabjeeinterview with Shereen Bhan and Ashmit Kumar on CNBC-TV18.Shereen: The Supreme Court was unrelenting in its position, seeking the disclosure of names from the government. The government on its part saying we have no qualm submitting the list because we have already submitted the list to the Special Investigation Team (SIT) but there are concerns that the Attorney General has raised about breaching the confidentiality clauses of agreement signed with various sovereigns. Do you believe that this is the right way to address this issue?A: No question of ideal way forward, this is a step forward. The Supreme Court was anxious there should be no selective disclosure of names. However, the Finance Minister Arun Jaitley had made it very clear that they are ready to disclose all names unless they are bound by certain provisions of the double avoidance treaty with different countries. However, when Supreme Court passes an order to reveal all names and the names have to be revealed to the Supreme Court in a sealed envelope then it is for the Supreme Court to decide after that what is to be done. First impression, why do people want to rush to countries that have banking secrecy laws? Do Swiss banks give greater rate of interest on the fixed deposits or monies? So, there is a prima facie presumption or suspicion. Why do you go to those countries? So, with the result, it is a complex issue but this is a beginning made by this government and now it cannot be ideal situation as I said but it is a step forward and let us see how the Supreme Court takes it forward.

Ashmit: The government by way of the attorney general had made its stance very clear that it was keen on disclosing those names but the condition being that it sought to complete the investigations at least and then make those disclosures, that argument did not cut any ice with the apex court but was that an unreasonable plea, an unreasonable demand of the government?A: Not unreasonable. What the government had in mind was there are obligations under the double taxation avoidance treaty. So, for that purpose it said that we will do it later but that would take a long time. Supreme Court order to my mind is rather extraordinary that it asked government to do something even if it is in breach of the treaty. However Supreme Court has passed the order and legality apart, I think it is a step in the right direction.We want to know the names of those people, name and shame them who took the money out of the country and in the bargain they have plundered the country. Why go to those countries that have banking secrecy laws if you have nothing to hide. You can invest it in London, US without any shield of secrecy laws.Ashmit: Not all accounts overseas would be illegal. So, when you look at this exercise with the Supreme Court very unrelenting in its position seeking those disclosures, would you see this as perhaps a case of overreach? Would this hurt in any way India's image the one that it enjoys overseas?A: Not India's image overseas but it would hurt India in the sense that governments which give information but feel that India is not willing to comply with the obligations of the treaty. The government will say we are willing to disclose all names but we want to do it in respect of those against whom there are grounds for believing those accounts are illegitimateHowever, the Supreme Court has given an extraordinary order saying treaty or no treaty, disclose the names. Treaty is also a legal obligation and you can't ask the government to do something which is in breach of law, is in breach of treaty obligations but whatever it may be it is a step in the right direction. Let us go forward to unearth these moneies which are stashed abroad and get them here as soon as we can.