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India is looking to enact a new anti-graft law focused on foreign nationals. If legislated, foreign nationals indulging in any bribery for business contracts in India could be prosecuted and face punishment of up to seven years here.
Praising India's keenness in this regard, the visiting OECD Secretary-General, Mr Angel Gurria, today said that this would bring India closer to international standards/best practices. “I am told that India may soon pass a new Foreign Bribery Act. I am very encouraged about that. I welcome such a move,” Mr Gurria told a press conference here.
The Finance Minister, Mr Pranab Mukherjee, who also addressed the press conference, refrained from elaborating on the proposed enactment.
He did, however, hint that some progress would be seen on this front during the monsoon session of Parliament.
India recently ratified the United Nation's Convention against Corruption. The proposed law is a consequence of the ratification of the UN Convention against corruption, said official sources.
The existing anti-graft laws, especially the Prevention of Corruption Act and Prevention of Money Laundering Act, do not specifically cover foreign nationals.
Era of bank secrecy not over yet
At an international seminar on taxation today, Mr Mukherjee sought a new legal framework for countries to readily exchange past banking information against sharing only prospective information. He has also said that the era of bank secrecy is not completely over.
The Finance Minister's demand for countries to exchange past banking information comes in the backdrop of extensive criticism from opposition parties that the Government has been able to do little in securing past banking information from foreign countries for income-tax administration purposes.
The Organisation for Economic Cooperation and Development will launch its India Economic Survey on Tuesday.
Mr Gurria said that OECD's Indian Economic Survey will emphasise the importance of socially responsible economic growth, come up with practical recommendations on how to improve services to the poor, expand access to education besides continuing with financial sector reforms.
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