HSBC List Causes Shockwaves In India

Written By Unknown on Senin, 09 Februari 2015 | 18.56

By Neville Lazarus, India Reporter

The HSBC list contains 1,195 clients in India, where the stashing of 'black money' in Swiss banks and tax evasion are major political issues.

There have been public protests and movements during the last few years over this issue, and in the general election of 2014. 

The then opposition party, Narendra Modi's BJP, had promised to get this money back and the pledge was one of the reasons the party won power.

There is an ongoing probe by a Special Investigation Team (SIT) appointed by the Supreme Court of India into the issue of 'black money' in Swiss accounts. The court is monitoring the investigations and the government's attempt to get the illegal money back.

The names of several top businessmen, diamond traders and politicians have been revealed in the latest HSBC list.

They include legitimate account holders who have declared their accounts to the tax authorities and also holders of undeclared accounts who face tax bills and penalties - and possible prosecution. 

The Indian Finance Minister Arun Jaitley said that the "list has new names".

He added: "And the details that have come out today are ones we already have, (the) question is not about names but evidence that we need."

According to the minister, about 400 of the names on the list submitted to the court have been identified and 250 have admitted to holding foreign 'black money' accounts.

The government has begun legal proceedings against 60 people who allegedly had large sums stashed away in illegal foreign accounts.

Independent investigation by income tax authorities has allegedly established that tax evasion took place in these cases.


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