The Government has taken expeditious action on information received from the French authorities regarding HSBC foreign bank accounts

Government
of India
 

Ministry of Finance

Department
of Revenue
 

Central Board of
Direct Taxes

North
Block, New Delhi
 

 

Dated: 09th February, 2015

 

PRESS RELEASE

 

  • Information
    about HSBC foreign bank accounts was received from the French authorities in respect
    of 628 Indian persons/entities. Out of the said 628 persons, 200 were either
    non-residents or non- traceable, leaving 428 cases of residents which were
    found actionable. For these 428 actionable cases the net amount of peak balance
    was about Rs.4500 crore.

  • The
    Government has taken expeditious action in these cases as per law. Up-to 31st
    December 2014, assessments were completed in 128 cases, involving more than 350
    assessments. In the remaining cases assessment proceedings are at advance
    stage. Undisclosed income of about Rs.3150 crore was brought to tax on account
    of deposits made in unreported foreign bank accounts.

  

  • Out
    of the above-mentioned 128 cases in which assessments were completed,
    concealment penalty proceedings u/s 271(1)(c) have been initiated in almost all
    the cases.

  

  • About
    60 prosecutions have so far been launched for wilful attempt to evade taxes
    [S/276C(1)] and failure to furnish accounts and documents etc [S/276D]. Show
    Cause Notices before launching prosecutions have been issued in a large number
    of other cases wherein further action is underway.

 
 

  •  Today‚Äôs
    media reports carry news item about foreign bank accounts held by 1195 Indians.
    Top hundred names have been published in a newspaper. Some of these names
    already figure in the earlier list available with the Government. Necessary
    investigation as per the provisions of law will be taken up in all the new
    cases, expeditiously.

  

  • Income
    Tax Department is already in touch with the whistle blower who apparently
    brought out the names of persons holding undisclosed bank accounts in HSBC,
    Switzerland. He has been requested to share information available with him in
    regard to
    undisclosed bank accounts of Indians in HSBC, Switzerland and other
    destinations. His response is awaited.

  

  • During
    last 6 months, the Government has taken vigorous and pro-active measures to
    expedite investigations in the cases of Indians holding undisclosed foreign
    accounts/assets abroad. Useful contacts have been established with foreign
    governments who might have some further information in this regard. Based upon
    credible information of undisclosed foreign bank accounts, fresh references for
    obtaining further information in more than 600 cases have been made to foreign
    jurisdictions, under available treaties/agreements. The same are being pursued.

 

 

Commissioner of
Income Tax

 (Media &
Technical Co-ordination)

Official
Spokesperson

 Central
Board of Direct Taxes

 

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