May 28, 2010 9:11 AM

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Germany hands over to India names of 50 individuals holding black money abroad

In a breakthrough in the government's efforts to track down black money held by Indians in foreign banks, Germany has given Indian authorities a list of some 50 individuals who have now been sent notices for tax evasion. <br/> <br/>Highly placed sources in the Finance Ministry said that the government in Germany had sent a list some two months ago and notices were sent after scrutinising the same.<br/> <br/>A senior official of the Central Board of Direct Taxes (CBDT) said that the exact number of persons contained in the list and the illegal money in the accounts of German banks could not be ascertained immediately.<br/> <br/>The sources also indicated that information about these persons is being collected and other suitable action could follow. <br/> <br/>The German authorities, the official said, had sent the list of individuals who had stashed money in the LGT Bank in Liechtenstein and in other tax havens. <br/> <br/>The government had also initiated talks with the Swiss authorities for seeking information about the illegal funds parked in their banks. <br/> <br/>After returning to power for the second straight term, Prime Minister Manmohan Singh had in July said that the government had already started the action for getting back black money belonging to Indians from Swiss banks<br/><br/>

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