Rahul Gandhi attacks govt on Cyprus' 'golden passport' scheme
asks why brothers of 'param mitra' left country in 'Amrit Kaal'
New Delhi, Nov 15: Former Congress president Rahul Gandhi on Wednesday questioned why the brothers of the "param mitra" left India during "Amrit Kaal" after reports that some businessmen, including Gautam Adani's elder brother Vinod Adani, were among the 66 Indians who got the "golden passport" in Cyprus.
"Why did the brothers of the 'param mitra' leave India during 'Amrit Kaal'? 'Golden passport' means a golden opportunity for theft -- steal public money, form a shell company and spend abroad," Gandhi said in a post in Hindi on X.
He said this following media reports that Vinod Adani and Pankaj Oswal were among the 66 Indians who got the "golden passport". The "golden passport" scheme was also called the "Cyprus Investment Programme" after it was introduced in 2007 and it facilitated the grant of Cypriot citizenship to financially prominent individuals, thereby bringing in foreign direct investments (FDI) into the country.
Ruling Bharatiya Janata Party's (BJP) IT cell in-charge Amit Malviya hit back at Gandhi, saying it was under the Congress-led United Progressive Alliance (UPA) government that the India-Cyprus tax treaty created a haven for tax evaders.
"You practically rolled out the red carpet for investors to bypass Capital Gains tax, with Cyprus not imposing such taxes either. Add to that the low withholding tax rate, and you have got yourself a perfect recipe for creating a tax haven, luring businesses and individuals to funnel money into Cyprus.
"But when the BJP led NDA came into power, we saw through this charade and took immediate, decisive action. In 2016, we didn't just tweak the Double Taxation Avoidance Agreement (DTAA) with Cyprus; we overhauled it. Our revision, effective retrospectively from, Nov 2013, was a game-changer. It shifted the taxation of capital gains right back to where the income is made -- the source country -- rather than letting investors hide behind the veil of their country of residence. This wasn't just a policy shift; it was a direct challenge to the tax avoidance circus you had running," Malviya claimed in a post on X.
Responding to Gandhi's post on the microblogging website, he said, "Let's talk about the grandfathering clause we introduced for investments made before April 1, 2017. It wasn't just a clause; it was a statement. We ensured a fair transition to the new regime, where capital gains would be taxed in the investor's country of residence for investments made before this deadline."
"This shift was monumental. It wasn't just about fair taxation; it slammed the door shut on using offshore entities for tax evasion. The so-called 'Golden Passport' that you accuse us of promoting? It's a relic of your governance, a symbol of the opaque, underhand dealings you endorsed," he said.
"So, let us set the record straight. Those who have left are your 'Param Mitras'. Their departure is on you. Your legacy of promoting tax havens and opaque financial practices is what drove them out. Our reforms have not only plugged these gaps but have showcased our unwavering commitment to transparent and accountable tax governance. Your accusations don't just fall flat; they're a stark reminder of your party's dubious past," Malviya claimed.
'अमृत काल' में 'परम मित्र' के भाई भारत छोड़ कर क्यों भागे?
— Rahul Gandhi (@RahulGandhi) November 15, 2023
'गोल्डन पासपोर्ट' मतलब चोरी का सुनहरा मौका - जनता का पैसा चुराओ, Shell कम्पनी बनाओ और विदेश में उड़ाओ। pic.twitter.com/ueXiWqPKvD
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Vijay unable to prove majority, not invited for CM oath ceremony: Sources
Chennai: Actor-politician Vijay has reportedly not been invited to take oath as Chief Minister of Tamil Nadu after failing to demonstrate support from the required number of MLAs, sources in Raj Bhavan said.
According to media reports that quoted sources in the office of R.N. Ravi Arlekar, Vijay could not prove the backing of 118 legislators, the majority mark in the 234-member Tamil Nadu Assembly.
Despite last-minute efforts to secure support from the Viduthalai Chiruthaigal Katchi (VCK), Amma Makkal Munnetra Kazagam (AMMK), and an IUML legislator, Vijay reportedly managed support from only 116 MLAs, falling short by two members.
Sources said Vijay failed to submit letters of support from the VCK and the Indian Union Muslim League (IUML).
Later, the IUML issued a statement clarifying that it was not part of the TVK-led alliance.
Meanwhile, AMMK leader T.T.V. Dhinakaran is also said to have informed the Governor that his party would support the All India Anna Dravida Munnetra Kazhagam (AIADMK) instead.
Earlier in the evening, Vijay had met Governor Arlekar and staked claim to form the government, stating that he enjoyed the support of 118 MLAs.
