List containing names of 627 people was submitted to the Supreme Court.

As revealed to it by the French government, the Centre on Wednesday submitted to the Supreme Court names of the 627 Indians who are holding accounts in foreign banks.
Attorney General Mukul Rohatgi handed over two sealed envelopes to the apex court bench headed by Chief Justice H.L. Dattu.
Mr. Rohatgi said that half of these account holders are Indian residents and these accounts concern till 2006.
He said that action has been initiated into the matter. Some of them have paid taxes while others are under investigation.
The court directed that the sealed envelopes containing 627 names, including correspondence with the French government, be given to Special Investigation Team (SIT) chairman Justice M.B. Shah and vice chairman Justice Arijit Pasayat. The SIT was set up by the apex court July 4, 2011.
The court said the SIT will move into the matter in accordance with the law.
On Tuesday, the central government was directed by the Supreme Court to furnish in a sealed envelope the list of all individuals and entities in its possession who have accounts in overseas banks, legitimate or otherwise.
The directive to this effect came a day after the government gave the court the names of seven individuals and one company, alleging they had funds in bank accounts abroad over which proceedings had been initiated for tax evasion.
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| Wednesday , October 29 , 2014 |

Black money case: SC gets list of names, SIT action by Nov end

New Delhi, Oct 29 (Agencies): The Supreme Court on Wednesday asked a special team tracking black money abroad to examine a list of 627 Indian citizens with bank accounts in Switzerland and asked for a status report by end November.
A bench of Chief Justice H.L. Dattu, and Justices Ranjana Prakash Desai and Madan B. Lokur said only the chairman and vice-chairman of the Special Investigation Team aappointed by the court would see the list. Both are former Supreme Court judges.
The Supreme Court, having compelled the government to share the list and hand over the black money probe, did not open the sealed envelope submitted by the government on Wednesday.
The envelope contained the Indian government’s correspondence with French authorities, a status report, and the closely guarded list of 627 Indian account holders in HSBC Bank Geneva that had been leaked to French authorities in 2011.
Placing the documents before the bench, Attorney General Mukul Rohatgi said that details of account holders are of year 2006 which were supplied by the French government to the Centre in 2011.
He also informed the court that some people have accepted that they have accounts in foreign banks and have paid tax.
The bench allowed the Centre to put forth its grievances regarding various treaties with foreign countries before the SIT.
The bench said that the Chairman and the Vice Chairman of the SIT are former Supreme Court judges and they are not “layman” and they can decide on various issues arising out of black money probe.
”We will send the entire list to SIT and they can proceed in accordance with law. It is for them to take care of how to conduct further probe,” the bench said.
Meanwhile, the apex court did not allow the plea of the Aam Aadmi Party chief Arvind Kejriwal to provide additional information on the issue to the SIT, saying that it will consider his plea on next date of hearing on December 3. The Centre in its affidavit on October 27, had disclosed eight names including that of Pradip Burman, one of Dabur India promoters, a bullion trader and a Goa miner against whom it has started prosecution for allegedly stashing blackmoney, saying that all the names of account holders cannot be disclosed unless there is a “prima facie” evidence of wrongdoing.
Rejecting the Centre's stand, the Supreme Court had on Tuesday ordered it to disclose all the names of Indian bank account holders abroad in a sealed envelope.
Rajkot-based bullion trader Pankaj Chimanlal Lodhya and Goa-based mining company Timblo Pvt Ltd and its five directors were among the names that figured in the list which was filed in the apex court by the government.
”The government is committed to disclose names of persons holding illegal money abroad. However, every account held by an Indian in a foreign country may not be illegal and the fundamental right of citizens to privacy under Article 21 of the Constitution cannot be ignored and has been recognised by this court,” it had said.
It had urged the apex court to modify its earlier order directing it to reveal even the names of foreign bank account holders against whom no evidence was found for stashing black money saying the government may have problems entering into tax agreements with other countries.
”There is absolutely no intention on the part of the government to withhold information, including names of persons who have stashed black money abroad, but only to seek certain clarification that will enable the government to enter into agreements with other countries under which information relating to unaccounted money lying abroad can be obtained,” it had said.
”The information received under these tax treaties and agreements will be disclosed after following the due process of law, in all cases where evasion of tax is established. The intention of the present government is clear and unambiguous.
”The government is keen to unearth black money held abroad and for that purpose it will use all diplomatic and legal means and also all investigating agencies to obtain information that can assist in such unearthing,” the affidavit had said.

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