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Blackmoney: CBDT sets March 31 deadline for info on Swiss bank A/Cs

The Central Board for Direct Taxes (CBDT) has set a March-end deadline to gather all evidences against black money holders in Swiss bank accounts, known as the HSBC list.

The CBDT, the apex policy making body of the I-T department, decided to fasten these cases as the probe against these black money holders will not hold legal value after March 31, 2015 as that it is the upper limit stipulated under law to prosecute and initiate legal action in these cases which pertain to 2007-08 fiscal.

This development relates to the disclosure of names by the Special Investigation Team (SIT) on black money. The HSBC branch in Geneva has listed names of 628 Indians with a total amount of Rs 4,479 crore being held in them.

“All I-T investigation units have been asked to process foreign requests for exchange of information on these cases by February 15. These cases are getting time-barred with the end of the current financial year on March 31. The CBDT has issued latest directives to speed up probe in these cases and quickly send them across to foreign shores,” sources said.

Sources said the exclusive Exchange of Information (EOI) unit under the foreign tax wing of the CBDT has asked the I-T department to specifically focus on cases getting “time barred by March 31” so that legal requests could be sent abroad to countries like the US, UK, Switzerland and Gulf.
Finance Minister Arun Jaitley had earlier said that proceedings in these cases will be completed by March 31, 2015.
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