Black Money Investigation Takes off

scThe Government at the center has finally given a list of all Indians who have accounts in overseas banks. The list has 627 Indians, and it is given to the Apex Court in a sealed envelope. Caution has been taken, and it is clearly mentioned that these are the names of the Indians who have accounts in overseas bank, but it is not necessary that they are stashing black money.

Considering the fact that this is a matter of investigation not an allegation, the apex court bench headed by Chief Justice HL Dattu refused to open the sealed envelope, instead suggested the sealed envelope be placed before the Special Investigation Team (SIT).

It is learnt that this list was provided by and HSBC Employee in Switzerland, and it was stolen. This is the same list which was presented by the Government on June 27. The Apex court has now asked the SIT to complete its investigation and submit its report by March2015.

Interestingly more than half of list is of NRI’s on whom the Indian Income Tax Law is not applicable.

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