On October 29, 2014 the Central Government has submitted a list of Indians who have got foreign banks accounts in a sealed cover to the Supreme Court. Since 2009, based on a petition filed by senior lawyer, Ram Jethmalani, the Supreme Court has been monitoring the investigations into black money. However, the Supreme Court subsequently questioned the Government why they were providing a protective umbrella to foreign bank account holders and asked the Government to disclose the information of all accounts holders for further probe.
In this regard, the Government named eight people in the top court who are being prosecuted for allegedly hiding undeclared cash in Swiss and other banks.
Both, the previous government and the new BJP government have argued in Court that tax treaties with other countries prohibited the disclosure of names till charges were framed. Critics have accused the Government of using tax treaties as an excuse to shield rich and powerful citizens. India has double tax avoidance treaties with over 80 countries.
Sournce: www.taxmann.com
In this regard, the Government named eight people in the top court who are being prosecuted for allegedly hiding undeclared cash in Swiss and other banks.
Both, the previous government and the new BJP government have argued in Court that tax treaties with other countries prohibited the disclosure of names till charges were framed. Critics have accused the Government of using tax treaties as an excuse to shield rich and powerful citizens. India has double tax avoidance treaties with over 80 countries.
Sournce: www.taxmann.com
