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Indian Black Money In Swiss Banks List Revealed - Latest News, Highlights

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Indian Black Money In Swiss Banks List Revealed

Indian Black Money in Swiss Banks List Revealed by the government and has been submitted to the Supreme Court. The documents highlight 627 names and position statement of their investigation in these cases. Finance Minister of India Arun Jaitley on Tuesday had announced it will be up to the adjudicators to compose a decision whether to disclosed the person's name public or keep it top secret.

Indian Black Money

Following the Supreme Court's path, Attorney General Mukul Rohatgi announced, "We gave 627 person's name in a sealed envelope to the court along with a status statement. Last date for judgment for all these financial records is 31 March 2015. The court after considering the result from both sides did not open the sealed envelope but planned for that the sealed envelope be given to the SIT itself. The SIT will there after observe what has to be done and maintain an agreement with law."

Earlier in the month of June the same list of Indian Black Money In Swiss Banks had been offered to the SIT, the AG added. The apex court has inquired SIT to confirm the record prearranged by the government and carry on with investigation. It has however, required a report by November end.

Highlights of Indian Black Money In Swiss Banks

Rohatagi rejected to reveal any names but added that at least half of them were from India while the left over where non-resident Indians. These 627 names were obtained by the Indian government in the year 2012 from the France government. In the meantime; source told NDTV that the Special Investigation Team will present the statement on 220 short-list names of foreign account holders at the end of the month.


On Tuesday, the court also turned down the government's appeal that it change its order looking for the names of all such account proprietor. The Centre had challenge that the names should be revealed only after inquiry proved the accounts definitely seized black money and led to action against tax evaders.


What is Black Money?

Black money is the termed refers to money receive on the black marketplace, on which earnings and further excise have not been deposited. The entire total of black money submitted in foreign bank by Indians is anonymous. Several information declared an entire exceeding US$1.4 trillion are put away in Switzerland. 

Various Other reports, counting those news by Swiss Bankers organization and the Government of Switzerland, declare that this news are fake and untrue, and the total amount held in all Swiss banks by Indian citizens is about US$2 billion


Other estimates
  • $462 billion (about Rs28.6 lakh crore): According to Global Financial Integrity (GFI), a Washington-based think-tank, Indians salted away $462 billion (about Rs. 28 lakh crore in recent exchange rates) in overseas tax havens between 1948-2008
  • $500 billion (about Rs. 31.4 lakh crore): Money store not here in tax safe place by Indians, according to former CBI director AP Singh
  • $500 billion ( Rs. 31.4 lakh crore) and $1.4 trillion ( Rs. 86.8 lakh crore): Parked in secret overseas financial records, according to a BJP task force report of 2011
  • Rs 14,000 crore: Money held by Indians in Swiss banks as of December 2013, a jump of over 42% from 2012
Some Latest Updates from Narendra Modi Blog & Twitter Account

Indian black money in foreign banks 
  • February 2014 – Earlier P.M of India Manmohan Singh said his government shared the opposition’s views on getting back the black money stashed by some Indians in foreign banks.
  • March 2014 – Then finance minister P. Chidambaram said he had taken up the issue of black money of Indians stashed abroad.
  • March 2014 – The Congress election manifesto said it will select a particular envoy on black money.
  • April 2014 – Government reveal to the Supreme Court the names of 26 people who had accounts in banks in Liechtenstein — as revealed to India by German authorities.
  • April 2014 –Aam Aadmi Party sweared to bring back black money store abroad.
  • April 2014 – The BJP advise setting up a task force to retrieve black money.
  • May 2014 – The Narendra Modi government publicized the structure of a Special Investigation Team (SIT) on black money, headed by retired justice M.B. Shah.
  • July 2014 – Finance Minister Arun Jaitley well-versed parliament that there is a optimistic answer to desires made by India to Swiss banks.
  • July 2014 – In its first budget, the government said the difficulty of black money to be fully addressed.
  • October 2014 – Jaitley said the administration won’t hold back any details on black money or names of account holders in tax havens, but the conclusion will be revealed after “following due procedure”.
  • October 2014 –NDA government revealed names of businesspeople, Politicians and many more who are said to hold bank accounts abroad.
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