Money & Banking
No official reports of black money of companies in foreign banks: Government

In a written reply Minister of State for Finance SS Palanimanickam said there are no official or authentic reports of large scale stashing of black money belonging to corporate houses in foreign banks

 
New Delhi: There are no "official" reports of large-scale stashing of black money belonging to corporate houses in foreign banks, Parliament was informed on Thursday, reports PTI.
 
"No...there are no official or authentic reports of large scale stashing of black money belonging to corporate houses in foreign banks," Minister of State for Finance SS Palanimanickam said in a written reply to Rajya Sabha.
 
He further said that whenever any credible information on black money is received, appropriate action under the Direct Tax laws is taken to bring to tax any undisclosed amounts.
 
In another reply, the minister said the government has received information under the Double Taxation Avoidance Convention (DTAC) from France about some bank accounts held by certain individuals and non-individuals in the HSBC Bank, Geneva.
 
"Based on the information received from the Government of France, appropriate action under the Direct Tax laws has been taken to bring to tax any undisclosed amounts in such cases," Palanimanickam said.
 
He, however said under confidentiality clause of the DTAC, the information received can be used only for the purposes specified therein.
 

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COMMENTS

NSriramamurty

4 years ago

While all other Countries in the Globe are Using the Information from France & switzerland to trace out How the Account Holders Got the Money and whether any Illegal activity is involved and Prosecuting them,Indian Authorities are telling Stories to Indians that GOI got the information only on Assurance to forign Countries that GOI do utilise the Information ONLY to Recover some Income TAX from them without revealing the Account Holders Names & their Amounts stashed outside.While All Indias fear that it ill--gotten Money involves BLACK Money & Illegal Money , GOI does look into that Angle at all - Obviouly to Protect those Individuals for Mutual Benefit.
disgusting Situation.

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