Finance Minister Pranab Mukherjee has again ruled out disclosing the names of those who have stashed away money in tax havens abroad. He, however, said that notices have been sent to 17 of the 18 names of account holders in a foreign bank and the prosecution has begun. He was talking to reporters in Kolkata today. He said details can be revealed in the open court when the matter comes up for hearing. AIR correspondent reports that government has launched a five pronged strategy to combat the menace of illicit funds generated by tax evasion and corruption. It maintains that double taxation avoidance agreement and the tax information exchange agreements are the two instruments under which information on illicit funds could be obtained from the severance government and other tax heaven jurisdiction. Fifteen thousand crore rupees of undisclosed income has been detected in the last 18 months by the Income tax authorities. Apart from this over 3400 crore rupees have been collected by the Directorate of International Taxation.
News On AIR | February 6, 2011 8:38 AM
Govt notice to 17 for stashing money abroad