Black Money: Will the Govt Get the Big Shots?
By siliconindia   |   Thursday, 03 November 2011, 00:09 IST   |    3 Comments
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Black Money
Bangalore: As the Income Tax department begins its investigation into the accounts of 782 Indians who reportedly slashed huge amounts in a Swiss Bank, many wonders if this is the beginning of the end of Indian tax evaders hiding their wealth in European safe havens. Reports suggest that a list of more than 700 Indian account holders with over 3000 crores in deposits in the HSBC Bank, Geneva, have been passed by the French Government who decoded the list obtained through some unofficial sources. The list that has details up to 2009, apparently has names of account holders across the globe including India. The controversial list is said to have details such as the account holders' name, amount, passport details, and the number. Initial reports indicated that three members of Parliament are figured in the list of HSBC account holders in Geneva and that they were summoned for 'keeping secret accounts' in the foreign bank. They include some leading industrialists, a few of them based in south India and a former MP. However, the finance ministry has denied reports that it has asked the Central Board of Direct Taxes(CBDT) to initiated any prosecution based on investigations and a clarification statement from the ministry read, "It has also been reported that summons have been issued to some Members of Parliament. This information is factually incorrect and is therefore denied."

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