M A I N   N E W S

Govt says probe on into money laundering
Tribune News Service

New Delhi, November 10
A day after Arvind Kejriwal-led Indian Against Corruption accused the Government of inaction in tackling black money, the Government today came out with a statement saying investigations are in progress about the reported Swiss-bank account holders within India, and that tax authorities are obtaining more information.

The Government did not name any bank or individual, but said appropriate action has been taken on such cases based on information received last year from the French Government.

"Income assessment, tax collection and penalty will be taken as per provisions of the Income Tax Act, 1961, and based on the facts of each case," said a statement issued on behalf of the Finance Ministry's Department of Revenue.

The statement made the point that the information received from the French Government was covered by the confidentiality clause. This implies that the names and accounts are confidential and cannot be disclosed by the government as demanded by Kejriwal. The government said it received information in June 2011 from its French counterpart on certain bank accounts reportedly held by individuals and non-individuals in a foreign bank.

On the reported links of some Indians with illegal overseas transactions, Union Home Minister Sushil Kumar Shinde told the media that "it (the illegal fund trail) was a matter of the finance ministry." Home Ministry sources said the Financial Intelligence Unit (FIU) under the Finance Ministry was tasked to locate the money trail and find out if such funds were being handled directly by the banks or by some India-based agents. Kejriwal on Friday claimed to have exposed illegal cash transfers being carried out in India. He cited the depositions of three account-holders.





HOME PAGE | Punjab | Haryana | Jammu & Kashmir | Himachal Pradesh | Regional Briefs | Nation | Opinions |
| Business | Sports | World | Letters | Chandigarh | Ludhiana | Delhi |
| Calendar | Weather | Archive | Subscribe | Suggestion | E-mail |