SIT traces Rs 4,479cr in Swiss banks, Rs 14,958cr in India
December 12,2014 11:34AM view : 328
In the first major disclosure on black money, 339 Indians have been found to
have stashed Rs 4,479 crore in Swiss banks, while domestic unaccounted wealth to
the tune of Rs 14,958 crore has been traced, even as the Special Investigation
Team (SIT) recommended stringent measures to check the menace.
The Supreme Court-constituted SIT has recommended amendments to laws to provide
for confiscation of domestic properties of those with illicit assets abroad and
making tax evasion of over Rs 50 lakh a 'predicate offence' or a serious crime
to facilitate necessary action under the Prevention of Money Laundering Act (PMLA).
The 13 recommendations made by the SIT also include imposing a threshold of Rs
10-15 lakh on holding and transporting cash to check the black money menace.
After probing into a list of 628 Indians, who figured on a list of account
holders in HSBC's Geneva branch that India got from the French government, the
Special Investigation Team has said that prosecution has begun against 79
Out of these, no balance has been found in case of 289 accounts, according to a
report of the SIT submitted to the court, portions of which were released by
government on 12 december, 2014.
While the total amount involved in these cases is about Rs 4,479 crore, the
income tax department has finalized assessment for 79 entities involving 339