Govt To Disclose 60 Names In Black Money Case

09/02/2015 7:37 AM IST | Updated 15/07/2016 8:24 AM IST
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NEW DELHI, INDIA - DECEMBER 22: TMC MPs protest over black money issue at the Parliament House complex on December 22, 2014 in New Delhi, India. The conversion heat, which has been paralysing Rajya Sabha since last week, today reached the Lok Sabha with opposition trying to corner the government which asserted that neither it nor BJP has anything to do with conversions. (Photo by Arvind Yadav/Hindustan Times via Getty Images)

NEW DELHI -- The government is expected to disclose the names of close to 60 Indians and entities as it has recently initiated tax evasion prosecution proceedings against them as part of its crackdown on black money accounts as reported in the HSBC bank's Geneva branch list.

Sources said that those against whom legal action has been initiated include some corporates, business houses and other individuals as the Income Tax department has completed its probe and filed prosecution complaints against these entities, on the directions of the Special Investigation Team (SIT) constituted to tackle black money and illegal assets held by Indians abroad.

They said the total amount in these accounts is estimated to be to the tune of Rs 1,500-1,600 crore.

Sources said the complaints, under I-T laws, have been filed in various courts of the country and investigations in these cases have been completed by the taxman as these cases will get "time barred" by March 31 after which any legal action against them could not be carried out as the cases pertain to the period of 2008-2009.

"The disclosures of these names is part of the government's commitment to curb cases of black money and of illegal funds stashed abroad by Indians. The I-T department aims to get conviction in these cases very fast," they said.

The SIT, headed by retired Supreme Court Judge Justice M B Shah, had said in its last report to the government and the Supreme Court in December 2014 that the black money holders names in HSBC Geneva list will be taken to their logical conclusion soon. NES SKL SHS

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