The Union government has started legal proceedings against 60 people who allegedly have black money stashed away in illegal foreign accounts, sources told NDTV.
The total amount allegedly stashed in these accounts could exceed Rs 1500 crore, sources said.
The legal proceedings started after the Income Tax authorities alleged through independent investigation tax evasion by 60 Indians through foreign accounts. As per the double taxation treaties, the names of foreign account holders can be made public only after court proceedings begin.
Last year, in October, a list of 627 foreign account holders was submitted to the Supreme Court. Three names were made public - including that of Pradeep Burman of the Dabur Group - on an affidavit to the Supreme Court after legal proceedings had started against them.
The Centre claimed it was facing a hurdle, since tax treaties ban the disclosure of names at preliminary stages of inquiry.
More than 200 account holders gave consent letter for probes and by the end of November, the scrutiny of over 100 accounts was over. Not all 627 foreign accounts were illegal and 400 of the 627 account holders were Indians, sources said.
But the government claimed to have run up against a maze of clauses in international agreements that make it tough to "retrieve black money".
The Prime Minister's Office has reportedly asked the revenue department to look for ways other than bilateral tax treaties to bring back funds stashed abroad.
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