Blackmoney: Dossier on 15 entities with government

New Delhi(PTI): The Supreme Court constituted Special Investigation Team (SIT) on black money has received a new dossier on tax related business information on about 15 entities which have allegedly stashed illicit money abroad.

Work is also “in progress” in various investigation and enforcement agencies regarding 600 suspect names and addresses obtained from abroad by the Central Economic Intelligence Bureau (CEIB).

The information about the dossier is part of a note prepared by the Central Board of Direct Taxes (CBDT) for the SIT.

The note reveals that tax authorities and investigators probing black money cases have decided to hold one-on-one meetings with their overseas counterparts based in tax havens and other countries to “deepen” cooperation in the fight against illicit funds stashed abroad.

The note also says that “certificates of incorporation” of eleven entities listed in the International Consortium of Investigative Journalists (ICIJ) report which were received from two foreign Financial Intelligence Units have been shared with CBDT for further action.

Sources said they have got additional information on about four more entities in this regard. The dossier is said to contain information about the circuitous manner and the route taken by the entities to stash money abroad.

The ICIJ brought out these names early last year while some additional details were published by the global group this year on suspected world entities holding assets and shares in overseas business structures, including those with Indian connections.

The note added that the probe with regard to about 600 suspect names and addresses which were obtained by the CEIB last year through its exclusive channels is “in progress.”

The official communication also spoke about enhancement of cooperation between India and Switzerland on these issues, a matter highlighted by quite often by Finance Minister Arun Jaitley himself.

“Switzerland has indicated willingness to provide information in respect of cases where investigations have been carried out by the I-T department independently from what Swiss government considers as stolen data.

“This development is very significant because there are a number of cases of account holders included in the HSBC list which were investigated by I-T department independent of the HSBC list obtained from the French government.

“Earlier, the Swiss government had not agreed to provide any information on names which were included in the HSBC list on the ground that these were stolen data and have been obtained in breach of Swiss law,” the note said.

Posted by on May 21, 2015. Filed under Editorial. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.