Bureaucracy India | News Magazine | Adminstrative of Governance | Top Bureaucrats ACTION AGAINST 350 FOREIGN ACCOUNTS FOR BLACK MONEY | bureaucracyindia.in
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Tuesday 12th December 2017

ACTION AGAINST 350 FOREIGN ACCOUNTS FOR BLACK MONEY

The central government has completed assessment of 350 foreign arunjaitleyaccounts while tax-evasion proceedings have been initiated against 60 holders as part of its crackdown on black money accounts, as Finance Minister Arun
Jaitley announced.

As per a media report, over 1,100 Indians were in the list of clients who held accounts in HSBC bank’s Geneva branch from 2006-2007, to which Jaitley said, “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 added that 60 cases have been established through an independent probe by the income tax department. And the assessment of the balance accounts will get completed by March 31.

The government had submitted a list of about 628 such account holders, that they attained from France in December, to the Special Investigation Team appointed for the recovery of black money by the Supreme Court.

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.

Although Jaitley did not name any company or individual, some media reports targeted Reliance Industries. And on that note, the employees of Reliance Industries were told that neither the company they worked for nor their chairman Mukesh Ambani have any illegal foreign account or ill-gotten money stashed away abroad as suggested in some media reports.

“RIL, with over Rs.300,000 crore of export turnover, has branches and associate companies in over 100 countries. These entities have bank
accounts for which all required approvals are in place. The fact that some of these accounts are in HSBC Geneva does not make them illegal.” Explained the company.

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