Action Has Started On Indian Black Money Abroad: Jaitley


NEW DELHI: The Indian government has started proceedings against citizens who have stashed away ill-gotten money abroad, with a Special Investigating Team (SIT) looking at how to get it back, Finance Minister Arun Jaitley said in parliament.

“We are in the process of communicating to the Swiss authorities. Whatever is possible within the parametres of law, we will do,” the finance minister said in the Lok Sabha, the lower house, during question hour.

"Tax proceedings have begun," he said, replying to a question posed by Anurag Thakur, a fellow lawmaker of the Bharatiya Janata Party (BJP). He said the National Democratic Alliance (NDA) government of Prime Minister Narendra Modi had nothing to hide on this.

He said the accounts in question had been opened overseas without seeking any permission from the Reserve Bank of India.

"There is a difference between legal and illegal foreign accounts. It is in regard to these accounts, which are being illegally kept, that we are seeking cooperation," Jaitley said referring to exchange of information with the Swiss authorities.

"Evidence will come only with the cooperation of countries where the accounts are kept," he said, adding that India was alerted about such accounts by the French government.

"They had got a list of names of people who have accounts in the Swiss bank. This data didn't reach the French government through any official route. This data was taken by someone from the HSBC Bank and handed over to the French government," he said.

READ MORE: Sensex Drops 72 Points on Weak Global Cues

Hidden Catches of Using Business Credit Cards

Source: IANS