Indians on HSBC list have Rs 4,479 cr overseas

Indians on HSBC list have Rs 4,479 cr overseas

In a first-ever disclosure about the money stashed away in Swiss banks, the government on Friday said Indians who figured in the HSBC list had parked a whopping Rs 4,479 crore in their foreign accounts.

The Income Tax (I-T) Department has initiated action against 79 such account-holders after ascertaining prima facie violation of statutes.

Besides, the tax department and other agencies, including the Enforcement Directorate, are probing cases involving unaccounted-for wealth totalling Rs 14,957.95 crore within India.

The disclosure pertains to 628 Indians who figured on a list of account-holders in HSBC’s Geneva branch, which India had obtained from the French government.

Out of these, no balance has been found in 289 accounts, according to a report submitted to the Supreme Court by the Special Investigation Team on black money. “Out of the 628 account-holders, 201 are either non-residents or non-traceable, leaving 427 as actionable cases,” said an official statement, while releasing a “relevant portion of the second report of the SIT”.

The amount involved is Rs 4,479 crore. Of this, the I-T Department has finalised assessment for 79 entities involving more than 300 cases.

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