The Central government has submitted about 627 names of Black Money Account Holders to the Supreme Court a short while ago. The entire list is submitted in the form of a sealed cover to the apex court and however the list will not be revealed to public today.
The apex court had said that only SIT chairman and vice chairman can open the sealed envelope containing names of account holders. SIT will decide what further action is to be taken on black money issue. The court has asked SIT to submit status report of its probe by November-end. At the same time, SC also allowed Center to put forth its grievances regarding various treaties with foreign countries before SIT. Reports are emerging that center has provided list of persons having accounts with HSBC bank in Geneva given by France.
This move came a day after Supreme Court disagreed with Government’s view of not revealing the names with out concrete evidence and ordered the Central government to submit the entire list in a day in the form of a sealed cover. It is already known that the government on Monday had already revealed the names of three black money account holders – Pradip Burman, director of the Dabur Group, Pankaj Chimanlal Lodya, a Rajkot-based bullion trader and Radha S Timblo, a Goa-based miner and owner of Timblo Pvt Ltd.
According to Global Financial Integrity (GFI), a Washington-based think-tank, there is an estimated USD 462 billion hoarded by the Indians between 1948 and 2008. It is the prime poll promise of Prime Minister Narendra Modi and his party to bring back the black money hoarding in foreign banks for several years primarily to avoid taxation. About a third of India’s black money transactions are said to be in real estate, followed by manufacturing and shopping for gold and consumer goods.
