Names of Swiss bank account holders revealed: what for PK movie and AAP converters of blackmoney into white?

February 9, 2015 Off By narayan28

Keywords: Arun JaitleyblackmoneyIndian money in foreign banksSwiss bank accountsmoney laundering, HSBC, Herve Falciani, PK movie, AAP, Rajiv Gandhi


Names of Swiss bank account holders revealed: what for PK movie and AAP converters of blackmoney into white?

Speaking to the media today on the issue of Indian money in foreign banks, Finance Minister Arun Jaitley said that assessment has already been completed for 350 account holders’ while the remaining is expected to be completed by  31 March, 2015. He further said that a prosecution has been launched against 60 people. Mr. Jaitley said that he had met top Swiss authorities, including Switzerland’s Finance Minister, in Davos last month and it was agreed there that admission by assessees would be considered additional evidence to seek detail.

Sources said that those against whom legal action has been initiated include some corporates, business houses and other individuals the total amount in these accounts is estimated to be to the tune of Rs 1,500-1,600 crore.

Referring to the Indian Express report, which said that nearly 1195 Indians had bank account in HSBC, Jaitley said that if the list contains names of resident Indians, appropriate action as per law will be taken against them.

The Special Investigation Team (SIT) is the most competent authority to take cognizance of the information over black money issue and that it would take the appropriate steps on the matter. The income tax departments are also investigating.

As India reacted to the disclosure that there are nearly 1,700 Indians on a list of those who held accounts in 2007 at HSBC’s Geneva branch, the whistleblower who unloaded the trove of data told NDTV that he has formally joined the Indian government’s investigation to recover untaxed or black money from foreign accounts.

Herve Falciani, 43, said that his partnership with India is likely to result in new cases against Indians who have so far not been investigated for violating tax laws by stashing money abroad. New Delhi has asked him to share specific information about the Indians on the infamous “HSBC list.”

Today, the Indian Express has reported that the HSBC list included 1,200 names with a cumulative bank balance of about 25,000 crores – some of these could be legitimate accounts, however. In November, Mr Falciani told NDTV that India had accessed only “one per cent of the data” that was relevant to Delhi from the HSBC list.

For his work, Mr Falciani has been promised a reward by India based on the amount of untaxed money that he helps recover. Mr Falciani said he is not interested in compensation but in fighting corruption and exposing the cover offered by banks to illicit financial activity by the wealthy.

The issue of black money is a politically explosive one in India, not least because even Rajiv Gandhi’s name has come in the media. Latest highlight is PK movie bay false claim of earning and Kejriwal’s false claim of donation to convert black money into white money.

Related article:

SIT can’t punish who looted us? 14,000 crores with Rajivs’s black money were moved out of banks abroad: View Photo


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