Indian Foreign Account Holders

While seeking information from a foreign country in connection with black money stashed abroad by Indians, the Central Board of Direct Taxes (CBDT) has decided to refrain from invoking a specific treaty clause of not informing the person, except in special cases, in a bid to avoid delays.

A list of 627 Indians with bank accounts at HSBC in Switzerland has been given in a sealed envelope to the Supreme Court, which yesterday sharply rebuked the government for its handling of attempts to recover untaxed or black money stashed abroad.

The Supreme Court has pulled up the government for seeking modification of its order on black money on disclosing names of alleged account holders in foreign banks. It has directed the Centre to place before it names of all alleged Indian account holders in foreign banks by Wednesday. This is what the judges said:

The Supreme Court, which is monitoring the attempts to recover untaxed or black money stashed abroad, has ordered the government to share by Wednesday the names of all Indians with foreign bank accounts.

The Centre today revealed in the Supreme Court the names of 18 Indians who it alleges have stashed away black money or undeclared income in Liechtenstein, seen as a tax haven.

While seeking information from a foreign country in connection with black money stashed abroad by Indians, the Central Board of Direct Taxes (CBDT) has decided to refrain from invoking a specific treaty clause of not informing the person, except in special cases, in a bid to avoid delays.

A list of 627 Indians with bank accounts at HSBC in Switzerland has been given in a sealed envelope to the Supreme Court, which yesterday sharply rebuked the government for its handling of attempts to recover untaxed or black money stashed abroad.

The Supreme Court has pulled up the government for seeking modification of its order on black money on disclosing names of alleged account holders in foreign banks. It has directed the Centre to place before it names of all alleged Indian account holders in foreign banks by Wednesday. This is what the judges said:

The Supreme Court, which is monitoring the attempts to recover untaxed or black money stashed abroad, has ordered the government to share by Wednesday the names of all Indians with foreign bank accounts.

The Centre today revealed in the Supreme Court the names of 18 Indians who it alleges have stashed away black money or undeclared income in Liechtenstein, seen as a tax haven.