Centre hands over 627 names of foreign bank account holders to SC
Moneylife Digital Team 29 October 2014

Dismissing the government's pleas against the full disclosure of the names of foreign account holders, SC says the SIT will decide the future course of action


After the Supreme Court rapped the Central government for not providing it with complete information about the foreign bank account holders, the centre handed over a list of 627 Indians, who were found to be holding illegal bank accounts abroad. The first document contains the details of treaties and agreements that India has signed with other nations, including Switzerland, where black money is believed to be stashed, while the second document has all the names of the account holders. The third document contains the status report on investigation of the case.

Sources say that there are atleast 800 Indians who have foreign bank accounts in other nations. Rejecting the Centre’s argument that revealing the names of legal bank account holders would be a breach of privacy, the special bench headed by Chief Justice of India HL Dattu said, “Don’t give us your list... but the names given to you by France and Germany. If it breaches confidentiality, let it be.”

When the Centre contended that the names be revealed only after investigations proved that the accounts indeed hold black money, the court replied by saying, “Why are you taking the trouble to investigate? We have taken the responsibility to bring back the (black) money and we will decide the future course (of action),”

The court has set the date of its next hearing on 3rd December.

The Home Minister Mr Rajnath Singh said that the Centre is not interested in protecting anyone and will follow the orders of the court.  Finance Minister Arun Jaitley too said, that the government had absolutely no problem in giving the list to the court.

The ruling Bharatiya Janata Party (BJP) had also accused the previous Congress government of failing to crack down on Indians parking billions of untaxed dollars abroad and had also said that the opposition will be ‘embarrassed’ if names of account holders were revealed.

The Congress, on its part, asked the government to come out with complete information without indulging in "selective leaks" and pointed out that "the Congress is not going to be blackmailed under any such threat".

Koduri Srihari Rao
10 years ago
I hope atleast this government and our Judiciary system together will bring back the black money and makes crores Indian lives back on track. From the centuries together Indians have been invaded by foreigners and they looted our prosperity, unfortunately today our Indians itself looting their fellow Indians and hiding that money in foreign countries. Jai Bharatmata.
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