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FORFEITURES OF THE ILLEGAL INDIAN ASSETS IN THE FOREIGN BANKS ACT 2005

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Right to Remedy Act, 2005

To,

BEFORE THE COUNCIL OF STATES

(RAJYA SABHA)

 

The Petition of Milap Choraria, son of Late Shri Deep Chand Choraria, native Village and P. O. Tamkore, District Jhunjhunu, Rajasthan, and presently inhabitant of and Camp Office at B-5/52, Sector-7, Rohini, New Delhi-110085, and hereinafter would be referred as the Petitioner.

 

SHEWETH:

1.         That matters referred in the Petition do not fall within the cognizance of any Court of law having jurisdiction in any part of India or a Court of enquiry or a statutory tribunal or authority or quasi-judicial body or commission.

 

2.         That the matters referred herein are primarily as well as constitutionally very much concern to the Government of India.

 

3.         That the matters referred in the Petition cannot be raised on a substantive motion or resolution before any House of Parliament.

 

4.         That in respect of the matter referred herein, remedy is not available, under any existing law, including rules, regulations or bye-laws made by the Central Government, or by an authority to whom powers to make such rules, regulations or bye-laws is delegated. 

 

5.         That matters contained in the instant Petition having of the great antiquity and of the immense importance to help in adoption of the necessary measures to ensure safeguarding of the human rights of the citizen, particularly those described by Resolution 217 A (III) of 10 December 1948 United Nations adopted and proclaimed the Universal Declaration of Human Rights, Resolution 2542 (XXIV) of 11 December 1969 on Social Progress and Development, Resolution 2200A (XXI) of 16 December 1966 entry into force 23 March 1976, in accordance with Article 9 International Covenant on Civil and Political Rights, Resolution 2200A (XXI) of 16 December 1966 International Covenant on Economic, Social and Cultural Rights entry into force 3 January 1976, in accordance with article 27, Resolution 39/11 of 12 November 1984 Declaration on the Right of Peoples to Peace and security, Resolution 41/128 of 4 December 1986 Declaration on the Right to Development,  Vienna Declaration and Program of Action, adopted by the World Conference on Human Rights in Vienna on 25 June 1993, and Resolution 55/2 of 8 September 2000 United Nations Millennium Declaration, all Proclaimed by General Assembly of United Nations Organisations, which have been allowed to violate severely such Human Right by providing extra-ordinary advantage ensuring privacy to Foreign Depositors to deposit their Illegal Money, particularly in the Banks of Switzerland since 1934, thus Indian Citizen transferred large scale illegal money using illegal routs and deposited in the Foreign Banks.     

 

That in view of the facts and circumstances stated herein this is a Fit Petition to be examined in detail by the Petition Committee in larger Public Interests.

 

And accordingly Petitioner prayer that in the larger public interests Petition Committee should examine the provisions of the suggested law: “FORFEITURES OF THE ILLEGAL INDIAN ASSETS IN THE FOREIGN BANKS ACT, 2005” suggested by the Petitioner and should recommend to Parliament of India to enact a Law, with reference to draft of the law referred under the Schedule hereunder.

 

Name of the Petitioner

Address

Signature or Thumb Impression

MILAP   CHORARIA

SON OF LATE SHRI DEEP CHAND CHORARIA

P.O. Tamkore, District: Jhunjhunu (Rajasthan) and camp address: B-5/52, Sector-7, Rohini,   

Delhi-110085.

 

Delhi, Dated      5th     August 2005

SCHEDULE TO THE PETITION BEFORE COUNCIL OF THE STATES (RAJYASABHA)

 

(DRAFT)

“FORFEITURES OF THE ILLEGAL INDIAN ASSETS IN THE FOREIGN BANKS ACT 2005”

 

PREAMBLE AND OBJECTS

 

As 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. 

ACT

 

1.                               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”.

 

2.                   Definition

(1)                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.

(2)                The “Assets” means Assets or Money in any moveable or immoveable form illegally deposited in Foreign Banks, by the Indian Citizen.

(3)                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.

(4)                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.

(5)                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.

(6)                The “Banking Secrecy” means secrecy provided by the Foreign Banks from the Indian Authority in respect of the deposit made by the Indian Citizen.

(7)                The “Indian Authority”, means any authority designated under any Indian Act, including relating to Income Tax, Custom and Excise, which includes time-to-time amendments. 

(8)                The “Information” 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.

(9)              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 Banks”.    

3.                  Legal deposits by the Indian Citizen. 

(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.

4.            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.

5.            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. 

6.         Illegal 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 Code.

(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.

(5)    During the Investigation with the help of any Investigating Agency or Department Appropriate Authority shall be guided by the Criminal Procedure Code.

(6)    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.

(7)    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.

(8)    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 High Court.

(9)    Appropriate Authority shall maintain and preserve all records, procedures, and documents in the appropriate manner left with no scope for any manipulation in any kind.

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.

13.  Appeal

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.  

14.  Rules

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.  

 

 

(Milap Choraria)

(Petitioner)

Son of Late Shri Deep Chand Choraria

Tamkore (Jhunjhunu) Rajasthan Pin Code 331026

Camp Office at: B-5/52, Sector-7, Rohini, Delhi-110085

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TRUTH SHALL ALWAYS PREVAILS