Black money case: Disclose black money list today

Black money case: Disclose black money list today

Government submits list of 627 foreign account holders' names to Supreme Court; SIT chief says no new information

The central government sutr-itteb the names of all illegal foreign bank account holders to the Supreme Court on Wednesday. Attorney General Mukul Rohatgi filed set of three documents to apex court in a sealed cover. "The documents include 627 names and status report of their investigation in these cases.

A bench headed by Chief Justice H L Dattu did not open the sealed envelope containing the names placed by the Centre and said that It would be opened only by Chairman and the Vice-Chairman of the Supreme Court-appointeC Special Investigation Team {SIT}. Speaking to the media. Attorney General Mukul Rohatgi said, 'Government gave the entire list of around 627 HSBC accounts in Geneva given by France to Supreme court in sealed cover. Deadline for investigation under the Income Tax Act into these accounts is March 31, 2015.

'SIT will decide what further action is to be taken on black money issue," said Supreme Court. The court also allowed Centre to put forth its grievances regarding various treaties with foreign countries before SIT.

Later commenting to media organisations, SIT chief Justice MB Shah said that there is no new detail in the list. He said that the names given in the list were already with them and they have to interrogate those people. However, Shah said that the probe will take some time branding it 'difficult one' according to media reports. He also said that he doesn't feel government is trying to shield any organisation or individual and claimed that already some positive results have come out from the probe.

The Supreme Court had on Tuesday asked the Union Government to release all the names of the people who have stashed their black money in accounts abroad. This order came after the latter had released the names of three account holders on Monday.

The Court had also rejected the Centre's argument that it would reveal only those names against whom the Income-Tax department has got evidence and directed the government to place all information, which Indian authorities have received 'rom foreign countries, before it.

However, the government also made its intention dear by asserting that it had no inhibitions in following the Supreme Court's order in placing the entire list of names of those having black money stashed in foreign banks by Wednesday morning before the apex court.

Union Finance Minister Arun Jaitley had emphatically expressed the government's keenness in getting to the root of the matter so that the account holders' names comes out and they face legal action and eventually bring back the money lying in foreign shores back to the country.

On Monday, the government in an affidavit to the Supreme Court had named three people who had accounts in Swiss banks with black money - Pradip Burman, former executive chairman of Dabur; Pankaj Chimanlal Lodhlya. a Rajkot-based bullion trader and Radha S. Timblo, a Goa-tased miner and owner of Timblo Pvt Ltd.

The government is building pressure particularly on Switzerland, seeking details of Indians who have parked unaccounted for money in the Alpine country's highly secretive banks. It has quickly implemented a Supreme Court directive to set up a high-powered special investigation team, headed by retired judge MB Shah, to look into the issue.

While tnere are no official estimates. Global Financial Integrity (GFI), a Washington-cased think-tank, has estimated that Indians had parked USD 462 billion In overseas tax havens between 1948 and 2008.