SCHEDULE TO THE PETITION BEFORE COUNCIL OF THE STATES (RAJYASABHA)
OF THE ILLEGAL INDIAN ASSETS IN THE FOREIGN BANKS ACT 2005”
per a Report roving in the Air that about $400 to $1,100 Billion US Dollars (About 16 to 50 Lacs of Crores of Rupees) Indian
Money or Assets were illegally deposited and lying in the Foreign Banks including Banks in Switzerland, due to Privacy provided
by those Banks to Foreign Depositors ensuring privacy to their Black Money. The suggested law, if enacted, will be extra-ordinary
and allowed to use for the rarest amongst the rare matters, in respect of the large scale money transferred illegally to Foreign
Banks by the Indian Citizen thus masses were heavily deprived from their economical benefits of the democracy, under privacy
provided by the Foreign Banks functioning abroad to protect illegal money earned by various illegal or corrupt means and methods
and to use it in furtherance or other illegal activities causing economical and social damages to the entire country and its
citizens and also to the very fiber of the democracy. The Object of the Petition is to ensure retrieve such Indian Black Money
/ Assets lying in the foreign Banks to India to strengthen Indian Economical development, and to uplift the social standard
of the common man by using such money and assets.
THE FORFEITURES OF THE ILLEGAL
INDIAN ASSETS IN THE FOREIGN BANKS ACT, 2005 shall be applicable in respect of the deposits made between the period started from 15th August 1947 and
till the date of enactment of Money Laundering Act, by the “Indian Citizen” in the Foreign Banks, and Act shall
be effective from the date of appropriate Rules are issued and notified in the Official Gazette, after the assent given by
the President, and hereinafter, shall be called or referred as “the act”.
The “Indian Citizen”
means any person alive or dead who was or is Indian Citizen under the Constitution of India, between the period starting from
15th August 1947 and till the date of enactment of Money Laundering Act, which includes his / her legal heirs,
Power of Attorneys, Agents, Executors, beneficiary, Administrators, Bankers etc.
means Assets or Money in any moveable or immoveable form illegally deposited in Foreign Banks, by the Indian Citizen.
The “Foreign Banks”
means Banks accepting deposits at outside territory of India from Indian citizen under the law of the respective country in
the various forms including money in different currencies, including Indian Currency or assets.
The “Bank Account”
means Bank account opened or operated in “Foreign Banks” by “Indian Citizen”, under his own signature
disclosing his identity or through any of the authorised agents or power of attorney, or otherwise.
The “Numbered Bank Account”
means Numbered Account in “Foreign Banks” by Indian Citizen opened or operated by himself or his authorised agents
or power of attorney, without disclosing his identity before the “Foreign Banks”, in the manner as Numbered accounts
operated and opened in the Banks of the Switzerland.
The “Banking Secrecy”
means secrecy provided by the Foreign Banks from the Indian Authority in respect of the deposit made by the Indian Citizen.
The “Indian Authority”,
means any authority designated under any Indian Act, including relating to Income Tax, Custom and Excise, which includes time-to-time
means all related information receivable by Indian Authority from the Indian Citizen, under one or more Indian Laws, in respect
of the deposits in Foreign Banks.
The “Competent Authority”
means the Head of the different Indian High Commissions or Embassies or Missions, working in the different countries, where
Banks providing privacy from Indian Authority in respect of accounts opened and operated by the Indian Citizen in “Foreign
Legal deposits by the
(1) Indian Citizen deposited the money or assets in Foreign
Banks, between the period started from 15th August 1947 and till date of enactment of Money Laundering Act, information
of which were provided in the prescribed manner and period to the respective Indian authority under the specific law shall
be described as legal deposits.
(2) Indian Citizen deposited the money or assets in Foreign
Banks, between the period started from 15th August 1947 and till date of enactment of Money Laundering Act, but
information of which were not provided in the prescribed manner and period to the Indian authority in violation of any specific
law shall be at liberty to furnish such information, now before the Indian Authority, in the prescribed manner and period.
The same shall be treated as legal deposits.
Information to Indian Authority
(1) Indian Citizen deposited money or assets in any Foreign Bank between the period started from 15th August
1947 and till date of enactment of Money Laundering Act, whether or not submitted written information earlier to the Indian
authority, shall submit the information to the Indian Authority within 30 (Thirty) days from the date of enactment of the
Act, in a prescribed manner.
(2) Immediately after receipt of information from an Indian Citizen, in respect of money or assets deposited by him /
her in any Foreign Bank between the period started from 15th August 1947 and till date of enactment of Money Laundering
Act, Indian Authority shall forward it to the Appropriate Authority to include in a List of legal deposits in the Foreign
Banks to notify in the Official Gazette.
Liability in respect of the information given under the Act.
Whoever furnishes information before the Indian Authority under Section 3 sub-section (2) shall
be liable to pay Income tax considering such information related value of amount as current year’s Income assessable
on current value of money or assets deposited in the Foreign Banks.
Deposits by the Indian Citizens
(1) After expiry of 30 days from the date of Notification of the Rules being notified under Section 1, each and every
deposit by Indian Citizen in any “Foreign Bank” whether in the forum of money or assets in respect of which the
Indian Authority is not informed under Section 3, about such deposits, immediately after expiry of the prescribed period same
shall be construed as illegal money or assets of Indian Citizen deposited or lying in the respective “Foreign Bank”,
irrespective of whatever, claim or representation was or is made before respective Foreign Bank, by the respective depositor.
7. Seizure of the Illegal Money
or Assets deposited or lying in Foreign Banks.
(1) From the date and time of publication of the List of Legal Money or Assets deposited in Foreign Banks by the Indian
Citizen, between period started from 15th August 1947 and till the date of Money Laundering Act was enacted, the
illegal Money or Assets, specifically described under Section 6, shall vest with the Authority of the President of India and
liable to be seized by the respective “Foreign Banks”, with immediate effects.
8. Appropriate Authority.
(1) Appropriate Authority shall consist of Three Members.
(2) Each Member of Appropriate Authority with describing
seniority shall be appointed by the President of India warrant under his hand and seal and in the same manner adopted for
appointment of High Court Judges.
(3) The Salaries, Privileges, allowances and other service
condition shall be same as adopted for appointment of High Court Judges.
(4) A Member of the Appropriate Authority shall not be
removed from his / her Office, except by the order of the President passed after written and transparent consultation with
the Vice-President, Prime Minister and Leader of the Opposition.
9. Function of the Appropriate Authority.
(1) Immediately after publication of the List of Legal
deposits, the Appropriate Authority through Competent Authority working in different Countries shall communicate each Foreign
Bank, that the money or assets deposited by any Indian Citizen, in any Foreign Bank, which are not listed in the aforesaid
List of legal deposits, were declared Illegal Money or Assets and has been vested with the Authority of President of India,
and all operation of such Bank Accounts shall be seized with immediate effects.
(2) Appropriate Authority as the representative of the
President of India with the help of the respective Competent Authority working in respective country shall establish contact
with each Foreign Banks to gather information relating to the Bank Accounts Seized under the Act.
(3) Appropriate Authority with the help of the respective
Competent Authority working in respective country shall act to retrieve the Indian Black Money or Assets lying or misappropriated
in seized Bank Accounts in the Foreign Banks, by adopting all legal means and methods.
10. Powers of the Appropriate Authority
(1) Appropriate Authority is empowered to call any document, if necessary even specified as secret or otherwise, from
any Ministry or Department or Agency to ascertain the information relating to Illegal Accounts in the Foreign Banks.
(2) Appropriate Authority having the power of a Court having mixed Jurisdiction of a Civil and of a Criminal Court and
competent to direct any Investigating Agency or Authority to investigate any matter relating to Illegal Deposits made by Indian
Citizen in Foreign Banks, with or without scientific tests of the witnesses or otherwise.
(3) During the Interlocutory stage of the matter no Court shall entertain any petition for any Injunction of proceedings
of the Appropriate Authority.
11. Rules as to Procedures of the working of
the Appropriate Authority.
(1) Appropriate Authority shall act suo-moto or upon any complaint in respect of any information relates to Indian Black
Money or Assets in any Foreign Banks. In such case Complaint should be recorded under Section 200 of the Criminal Procedure
(2) Appropriate Authority shall sit, comprising of all its three Members.
(3) Senior Member shall preside all meetings and sittings of the Appropriate Authority.
(4) Appropriate Authority generally shall adopt the procedure in accordance with the Civil Procedure Code, except in the
matter relating to investigation part.
During the Investigation with
the help of any Investigating Agency or Department Appropriate Authority shall be guided by the Criminal Procedure Code.
Wherever, any file described
as “Secret’, called for the proceedings of the Appropriate Authority shall be in camera, and records of that part
of the proceedings shall be kept under strict control of the Appropriate Authority.
Appropriate Authority shall not
allow any delay tactics to any one. In such case, Appropriate Authority is empowered to issue appropriate direction to Ministry,
Department, Investigation Agency or Officer(s) or an individual to comply its directions or orders accordingly.
None-compliance of the directions
issued under sub-section (6) shall be liable to contempt of the Appropriate Authority as if it directed its Powers as of a
Appropriate Authority shall maintain
and preserve all records, procedures, and documents in the appropriate manner left with no scope for any manipulation in any
12. Officers and servants and the expenses of the Appropriate Authority.
(1) Cabinet Secretary shall comply at most urgent basis the directives of the Appropriate Authority
for appointments of the Officers and Servants and shall make such appointments directly as per Government Rules and Norms
or under delegation from the various Ministries or the Departments of the Government.
(2) The Administrative expenses of the Appropriate Authority including all salaries and pensions payable
to or in respect of the officers and servants of the Appropriate Authority shall be charged upon the Consolidated Fund of
India, free from any administrative restriction from the Government of India.
Appeal against any order passed by the Appropriate Authority under Section 9 or Section 11 sub-section
(7) can be filed by the aggrieved person within 30 days from the date of Order, excluding the period consumed by the supply
of Certified Copy, before Supreme Court of India, under its Appellate Jurisdiction.
Immediately after enactment of the Law appropriate Rules should be framed by the Ministry of the
Foreign Affairs in consultation with the Ministry of Law and Justice.
Son of Late Shri Deep Chand Choraria
Tamkore (Jhunjhunu) Rajasthan Pin Code 331026
Camp Office at: B-5/52, Sector-7, Rohini, Delhi-110085