Govt serves notices to 17 persons in black money trail

Union Finance Minister Pranab Mukherjee said the government has issued notices to 17 people, asking them to reply in regard to their money deposited in the Swiss Banks, in a move to find out the trails of black money.

Mukherjee on Saturday, however, said it was not possible for the government to reveal their names.

He said the government has received some names and already served notices on 17 persons and prosecution has begun.

The Finance Minister said the UPA government cannot reveal names while finding out the trails of money stashed at different banks as the information can only be used for taxation purposes.

?The government, suo motu, cannot reveal the names because according to treaty we can only use the information for taxation purposes. We can only reveal the details in the open court when the matter comes up for hearing,? Mukherjee made it clear.

However, a list of 15 individuals and trusts allegedly holding secret accounts in the tax haven of Liechtenstein was released by Tehelka news magazine this week.

The list had been handed over to the government in March, 2009 and the government had taken the stand that the names could not be disclosed because these had been given by the German government on confidential terms.

Investigation by the Central Board of Direct Taxes against the individuals and entities figuring in the list are believed to be close to completion. They are expected to be prosecuted under various provisions of Income Tax Act.

The list released by Tehelka contains the names of 12 individuals and three foundations without their addresses and the business they are involved in as also the amounts they have allegedly stashed in these accounts.

The magazine said it had approached each of the individuals involved and was awaiting their response pending which it is not giving details though it had given the names.

According to the magazine, the name of the chairman of a major Indian corporation was on the list but it had decided to hold back the name because it was awaiting “his full version”.