Millennium Post

Black money at home three times of what’s stashed abroad

The brouhaha over black money stashed abroad may end in whimper. The government in its first major disclosure on Friday about money held in Swiss banks, said Rs 4,479 crore is held in the accounts owned by Indians, who figured on the HSBC list, and the Income Tax Department has initiated action against 79 of such account holders.

The government also informed that the tax department and other agencies including Enforcement Directorate were probing cases involving unaccounted wealth totalling Rs 14,957.95 crore within India, which is three times the amount alleged to be stashed abroad.

In case of suspected black money abroad, the disclosure relates to a list of 628 Indians, who figured on a list of account holders in HSBC’s Geneva branch that India had got from the French government. Out of these, no balance has been found in case of 289 accounts, according to a report of the Special Investigation Team (SIT) on black money which was submitted to the Supreme Court.

“Out of the 628 persons, 201 are either non-residents or non-traceable, leaving 427 persons cases as actionable cases,” an official statement said while releasing “relevant portion of the second report of SIT on black money”.

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