Black money probe: Rs 3,000 crore in Swiss accounts now under tax net, says Government

NEW DELHI: The government on Friday said it has so far detected close to Rs 4,500 crore deposited by Indians in HSBC's Geneva branch, of which around Rs 3,000 crore has been brought under the tax net as it was lying undisclosed. Apart from the high-profile case, various agencies of the tax department are investigating cases involving close to Rs 14,500 crore, including several related to export of iron ore.

In a detailed statement, the finance ministry said the special investigation team has told the Supreme Court that of the 628 people on the so-called HSBC list, there are 427 against whom action can be initiated since 201 were either non-residents or not traceable.

Of the Rs 2,926 crore undisclosed income, involving 79 assesses, penalty proceedings have been initiated in 46 cases, while in three, penalty has already been levied. In addition, prosecution for "willful attempt to evade tax" has been initiated in six cases, while in five, action has been initiated for failure to furnish information after notices were issued by the tax department.

Show-cause notices for filing prosecution have also been issued in 10 cases, the statement said.

The Supreme Court has given the government time till March 31 to complete tax assessment in the HSBC case.

The SIT told the apex court in its second report that the ministry has gone beyond the HSBC list and pointed out that 11 of the 31 cases related to iron ore exports, where undervaluation has been acknowledged by the traders, who have come forward and paid around Rs 117 crore to the government. In 10 case, show-cause notices were being issued, the statement said.

Investigative agencies led by Directorate of Revenue Intelligence are also probing 33 cases in other segments of trading, where almost Rs 15,000 crore is involved.

The statement also listed eight cases in Odisha, Goa, Karnataka and Jharkhand, including those related to illegal iron ore mining, where the Enforcement Directorate has initiated action, including launch of prosecution and attachment of property.