Government has issued notices to 50 Swiss Bank account holders whose money is stashed there. The notices have been issued on the basis of documents received from Germany. Official sources said that these accounts holders have their accounts in Liechtenstein Global Trust, LGT Bank. Government has also approached Mauritius to renegotiate Double Taxation Avoidance Agreement, DTAA, to remove the secret clause .This clause is believed to be used by a lot of Indian companies for setting up just paper companies in the island country for money laundering. This money is later used by them to fund their business in India. Our correspondent reports that government has already amended the income tax Act to enter into agreements with foreign countries to extract information on black money. It has already approached 65 countries with which India has DTAA to revise the agreements for transparency.<br/><br/> The issue of unearthing black money is likely to dominate close door discussions of the three days conference of Chief Commissioners of Income Tax beginning in New Delhi on next Tuesday. Official sources said that a top secret note is being prepared which gives the statistics and background on the action taken on the LGT Bank .The Finance Minister Mr. Pranab Mukherjee will open the three day conference which is also scheduled to discuss the decentralisation of powers of Chief Commissioners to dispose of many legal tangles and disputes on fast track.<br/>
News On AIR | June 3, 2010 1:49 PM
Govt issues notices to 50 Swiss Bank account holders