The government is expected to disclose the names of close to 60 Indians and entities as it has recently initiated tax evasion prosecution proceedings against them as part of its crackdown on black money accounts as reported in the HSBC bank's Geneva branch list.
Sources said that those against whom legal action has been initiated include some corporates, business houses and other individuals as the Income Tax department has completed its probe and filed prosecution complaints against these entities, on the directions of the Special Investigation Team (SIT) constituted to tackle black money and illegal assets held by Indians abroad.
According to reports, the government is expected to disclose the names of over 60 Indians and entities as part of its crackdown on black money accounts as reported in the HSBC bank's Geneva branch list.
Earlier in December, the Special Investigation Team (SIT) had submitted a report to the Supreme Court which revealed that persons on the HSBC list held Rs 4,479 crore in Swiss banks.
In an official statement released by the SIT, it had said that out of 628 names on the HSBC list received from France, 201 are either non-residents or non-traceable, leaving 427 persons' cases as actionable cases.
The Supreme Court had directed the Centre to ensure that the ongoing probe on those suspected of stashing black money in bank accounts abroad is completed by March 2015.
Recovering the black money stashed abroad was also a prominent topic in the ruling Bharatiya Janata Party's election manifesto for the Lok Sabha polls.
The disclosures of these names is part of the government's commitment to curb cases of black money and of illegal funds stashed abroad by Indians. The I-T department aims to get conviction in these cases very fast," they said.
The SIT, headed by retired Supreme Court Judge Justice M B Shah, had said in its last report to the government and the Supreme Court in December 2014 that the black money holders names in HSBC Geneva list will be taken to their logical conclusion soon.
The Indian Express, which was a partner in the International Consortium of Investigative Journalists (ICIJ), reported on Monday that 1,195 Indians have accounts in HSBC bank. The total balance in these HSBC bank accounts is reported to be Rs 25420 crore. However, it needs to be clarified that all individuals who figure on the list cannot be said to have stashed black money abroad. The TOI is not sure which accounts are legal and which are illegal.
According to Indian Express report, some of the important Indian businessmen who have accounts in HSBC Bank are: Mukesh Ambani, Anil Ambani, Anand Chand Burman, Rajan Nanda and Yashovardhan Birla.
Talking about the HSBC bank list, finance minister Arun Jailey said on Monday that "most of the names revealed in the list today are known to the government".
"Some new names have been revealed whose veracity would be checked by the authorities," the finance minister said.
"The question is not about names but evidences that we need," Arun Jaitley said.
Sources said that those against whom legal action has been initiated include some corporates, business houses and other individuals as the Income Tax department has completed its probe and filed prosecution complaints against these entities, on the directions of the Special Investigation Team (SIT) constituted to tackle black money and illegal assets held by Indians abroad.
Earlier in December, the Special Investigation Team (SIT) had submitted a report to the Supreme Court which revealed that persons on the HSBC list held Rs 4,479 crore in Swiss banks.
In an official statement released by the SIT, it had said that out of 628 names on the HSBC list received from France, 201 are either non-residents or non-traceable, leaving 427 persons' cases as actionable cases.
The Supreme Court had directed the Centre to ensure that the ongoing probe on those suspected of stashing black money in bank accounts abroad is completed by March 2015.
Recovering the black money stashed abroad was also a prominent topic in the ruling Bharatiya Janata Party's election manifesto for the Lok Sabha polls.
The disclosures of these names is part of the government's commitment to curb cases of black money and of illegal funds stashed abroad by Indians. The I-T department aims to get conviction in these cases very fast," they said.
The SIT, headed by retired Supreme Court Judge Justice M B Shah, had said in its last report to the government and the Supreme Court in December 2014 that the black money holders names in HSBC Geneva list will be taken to their logical conclusion soon.
The Indian Express, which was a partner in the International Consortium of Investigative Journalists (ICIJ), reported on Monday that 1,195 Indians have accounts in HSBC bank. The total balance in these HSBC bank accounts is reported to be Rs 25420 crore. However, it needs to be clarified that all individuals who figure on the list cannot be said to have stashed black money abroad. The TOI is not sure which accounts are legal and which are illegal.
According to Indian Express report, some of the important Indian businessmen who have accounts in HSBC Bank are: Mukesh Ambani, Anil Ambani, Anand Chand Burman, Rajan Nanda and Yashovardhan Birla.
Talking about the HSBC bank list, finance minister Arun Jailey said on Monday that "most of the names revealed in the list today are known to the government".
"Some new names have been revealed whose veracity would be checked by the authorities," the finance minister said.
"The question is not about names but evidences that we need," Arun Jaitley said.
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