Prime Minister Narendra Modi said the black-money issue was an article of faith for him.

Today I want to share something and I am sure the people trust me when I say this. It is about Black Money: PM @narendramodi — PMO India (@PMOIndia) November 2, 2014

Please trust this Pradhan Sevak. The issue is an article of faith for me: PM @narendramodi — PMO India (@PMOIndia) November 2, 2014

From what I am understanding & the information I have, I am telling you that we are in the right direction: PM @narendramodi on Black Money — PMO India (@PMOIndia) November 2, 2014

I assure you that there will be no shortcomings in my effort. I want your blessings to remain. Will do everything: PM @narendramodi — PMO India (@PMOIndia) November 2, 2014

Finance minister Arun Jaitley said unauthorized disclosure of names of suspected

black-money account holders

may sabotage the probe.

Confidentiality clauses and the battle for tracing black money outside India http://t.co/nbuv0o7Ozm — Arun Jaitley (@arunjaitley) November 2, 2014

NEW DELHI: The government on Sunday went on an offensive on the black-money issue with Prime Minister Narendra Modi stating that the government would make every effort to get unaccounted wealth back to the country.Then, finance minister Arun Jaitley raised doubts about the motive behind the chorus to disclose names of those with foreign bank accounts and warned that premature revelation of names would not just prevent flow of information, but would have near-catastrophic impact on flow of funds from the US.At the same time, government officials tried to suggest that the UPA had failed to undertake adequate steps to bring back black money and pointed to its reluctance to even set up the Supreme Court-mandated special investigation team.The aggressive tone came less than a week after the Supreme Court’s strong observations on the black money investigation and its insistence that the government furnish a list of account holders in HSBC’s Geneva’s branch, which had been shared with the SIT in June.Amid the controversy and questions from political parties over the government’s efforts to address a key election issue, Modi fired the first salvo in his radio address on Sunday morning.“Black money is an article of faith for me. Every penny belonging to the poor which has gone out of the country should come back. This is my commitment. There can be differences over the route and the mechanism, and it is bound to happen in a democracy. Let me assure you, we are on the right track ... Let me assure you, there will be no let-up in my efforts to get this money back into the country,” he said.A few hours later, in a Facebook post, Jaitley was more forceful, questioning the need for immediate disclosure of names in light of the confidentiality clause in tax treaties. He underlined that information received through the agreements could only be disclosed after prosecution proceedings were initiated.“The issue is not whether but when disclosure can be made. The debate is not between disclosure and non-disclosure of confidential information. It is between unauthorized disclosure in violation of tax treaties and disclosure as per tax treaties,” he said, adding that premature revelation only benefits those who have stashed illicit funds abroad.“A disclosure in violation of tax treaties helps the account holder. The reciprocating state would treat this as a violation of a tax treaty and refuse to provide any evidence in support of the unauthorized account. The holder of the unauthorized account in the absence of any proof and confirmation from the reciprocating state would get the benefit in any investigation or prosecution and then claim that ‘I stand vindicated’. In fact, a premature disclosure would additionally alert the account holder to prepare some documentation or a sham defence. It may even enable him to destroy evidence,” he added.Attacking the Congress, Jaitley said its stance was understandable given that it does not want names to come out.“Notwithstanding its clarity, why should someone with adequate understanding of the subject demand a disclosure in violation of the treaty ... Are some others ill informed, just indulging in bravado or are they Trojan horses? I am sure the SIT, which has been entrusted by the Supreme Court with the investigation, will succeed in bringing out the truth while realizing the full implications of the subject matter.”The minister also pointed to the government’s inability to sign an international agreement on automatic exchange of information — which had been pursued by India since 2009 — which was signed by 51 countries last week. “India could not sign the agreement since the prevalent view is that confidentiality clauses are unconstitutional in Indian law. This requires reconsideration,” he said, adding that some of the data would be related to authorized movement of funds.While seeking a “conscious call”, Jaitley went on to list out the adverse fallout of the Foreign Account Tax Compliance Act (FATCA) in the US, which requires countries to sign an inter-governmental agreement or face the prospect of a 30% tax on all remittances such as funds that exporters would receive.