Action being taken on black money on French government info

Without naming either the bank or the account holders involved, government came out with a statement saying that appropriate action has been taken on these cases based on information received last year from the French government.

"And further including assessment, tax collection and levy of penalty will be taken as per the provisions of the Income Tax Act, 1961 and based on the facts of the each case", said a statement issued on behalf of the Department of Revenue of the Finance Ministry.

The statement comes in the wake of allegations levelled by India Against Corruption (IAC) activist Kejriwal and lawyer Prashant Bhushan that government has taken no action on the information provided purportedly on 700 account holders in HSBC Geneva by the French government.

They had also named top industrialists and a politician as having parked their money to the tune of Rs 6000 crore in the bank.

The official statement merely said that information was received in June last year by the government from its counterpart in France relating to certain bank accounts reportedly held by certain individuals and non-individuals in a foreign bank.

Reference to this matter was made by the then Finance Minister during the course of the debate on adjournment motion in the Lok Sabha on December 14. Subsequently, answers to question on this matter were furnished in the Rajya Sabha on August 23 this year. MORE