Updated
New Delhi, Feb 9 (IANS): The central government has completed assessment of 350 foreign accounts while tax-evasion proceedings have been initiated against 60 such holders as part of its crackdown on black money accounts, Finance Minister Arun Jaitley said Monday.
Reacting to a media report that over 1,100 Indians were in the list of clients who held accounts in HSBC bank's Geneva branch from 2006-2007, Jaitley said: "The details that have come out today (Monday) are the ones we already have."
"The question is not about names but evidences that we need. Some new names have been revealed whose veracity would be checked by authorities," he said.
He added that 60 cases have been established through an independent probe by the income tax department.
Jaitley said the assessment of the balance accounts will get completed by March 31.
The minister said the government could not proceed on the "Swiss leaks" reports on the basis of some names.
The government had submitted the a list of about 628 such account holders to the Special Investigation Team appointed for the recovery of black money by the Supreme Court.
The authorities, in December, said in case of money stashed in foreign accounts, the disclosure relates to 628 Indians, who figured on a list of account holders in HSBC's Geneva branch that India has obtained from the France.
Of these, no balance has been found in 289 accounts, according to the SIT report submitted to the Supreme Court.
"Out of the 628 persons, 201 are either non-residents or non-traceable, leaving 427 cases as actionable," the report said. "An amount of Rs.2,926 crore has been brought to tax towards the undisclosed balances in the accounts (79)."
Earlier Report
Black money trail: Govt to name 60 Swiss-account holders
New Delhi, Feb 9 (PTI): 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.