Government has nailed overseas a/c holders: Finance Ministry

NEW DELHI: India’s income-tax authorities had initiated action against Indians holding foreign bank accounts and had evaded tax. But said their names cannot be revealed due the confidentiality clause in the India-France tax treaty.

“Investigations in the matter are under progress including with the foreign tax authorities to obtain more information with regard to the reported account holders.... Appropriate action has been taken on these cases and further action including assessment, tax collection and levy of penalty will be taken,” a finance ministry statement said.