The government's black money bill seeks to bring the financial intermediary community, including chartered accountants
and lawyers, within the ambit of the tough provisions of the proposed
law, in addition to those who keep unaccounted wealth in foreign
countries.
Under the new law, there are two instances when an
individual would be punishable with
imprisonment and fine: "If a person
makes a statement in any verification under this Act or under any rule
made thereunder, or delivers an account or statement which is false and
which he either knows or believes to be false or does not believe to be
true...". And, "if a person abets or induces in any manner another
person to make and deliver an account or a statement or declaration
relating to tax payable under this Act, which is false and which he
either knows to be false or does not believe to be true..."
Reacting to these provisions, M R Venkatesh, a chartered accountant in
Chennai, said, "These provisions, by their wording, become absolutely
applicable to chartered accountants, financial consultants, wealth
managers, bankers, lawyers and in fact all financial intermediaries
engaged by a person."