Home Top Story Rs 4479 cr black money in HSBC

Rs 4479 cr black money in HSBC

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The News Bureau, Dec 13

A massive amount of Rs 4479 crore was stashed away by 79 Indians in the HSBC bank ( Hongkong and Shanghai Banking Corporation ) based in Geneva, according to the disclosure made by the Central Government. 

The ruling party made a creditable job disclosing the news after it came to power. Shortly the Modi Government is confident of unraveling the entire mystery related to the black money which was hidden by the Indians

 

The income tax department had already initiated action against the 79 Indians who had amassed the black money, the government informed. Readers already know that as many 628 Indians maintained accounts with the said bank and their particulars were informed by the government. Out of 628 accounts, there was no black money in 289 accounts, as per the report submitted by the SIT to the apex court.  

Out of 628 accounts 201 account holders were either NRIs or others who had no relation with the black money. But in the remaining 427 accounts there was evidence of black money stocked, according to a second report submitted to the supreme court of India. This was revealed to the media by the government.  

In six cases prosecution has already been initiated for deliberately skipping to pay the income tax. Ten others were also issued show-cause notices. In 36 cases under income tax Act of 1961 penalty was being taken against the defaulters.

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