In the first major disclosure on black money, 339 Indians have been found to have stashed ₹4,479 crore in Swiss banks, while domestic unaccounted wealth to the tune of ₹14,958 crore has been traced, even as the 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 ₹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 ₹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 (SIT) has said that prosecution has begun against 79 entities.
“Out of the 628 persons, 201 are either non-residents or non-traceable, leaving 427 cases as actionable cases,” an official statement said. “An amount of ₹2,926 crore has been brought to tax towards the undisclosed balances in the accounts relating to these persons” the statement said, adding that taxes along with interest at applicable rates have been levied.