Ministry of Finance
Central Board of
Block, New Delhi
Dated: 09th February, 2015
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.
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.
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
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.
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
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
undisclosed bank accounts of Indians in HSBC, Switzerland and other
destinations. His response is awaited.
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.
Board of Direct Taxes