February 5, 2011 1:30 PM

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Govt notice to 17 in black money case

The Centre has served notices to 17 persons relating to the foreign Banks black money trail. Finance Minister Pranab Mukherjee said in Kolkata today the details can be revealed in the open court when the matter comes for hearing. He said the prosecution had begun but it is not possible to reveal their names at this time.AIR correspondent reports the Centre 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. An undisclosed income of Rs 15,000 crore has been detected in the last 18 months by the Income tax authorities. Apart from this over RS 3,400 crore have been collected by the Directorate of International Taxation.

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