No Big Names, No Big Money In The HSBC Bank List: SIT
By SiliconIndia
The court set a deadline of March next year to complete investigations into whether these account holders have violated tax laws. The court said the list will be given to the top officials of the SIT. The previous Congress government and the new BJP administration have both argued in court that tax treaties with other countries prohibit the disclosure of names till charges are framed.
The court said the government can present its concerns before the SIT. "It said we must place problems before the SIT for further negotiations on treaties and any economic impact," said Attorney General Mukul Rohatgi.
In the next few weeks, the SIT is likely to submit to the apex court a report on 220 Indians who have allegedly parked illegal money at HSBC in Geneva. The names were shared by France in 2011; the data was allegedly stolen by a bank employee who turned whistle-blower.
The Supreme Court has been monitoring India's attempts to recover black money since 2009 after a petition by senior lawyer Ram Jethmalani. In addition to the HBSC list, Germany has supplied a list of 18 Indians with accounts in Lichtenstein.
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