IT department crackdown against black money
The IT department has finally woken up as they will take actions against Indians having accounts in other banks around the world, as the accused would be prosecuted, henceforth.
MANY OF us are aware that there are many Indians who possess a bank account overseas, where they keep their money or in fact hide their money. The Income Tax (IT) department wants to keep a check on these kinds of money, which is known as black money. Hence, the IT department have decided to take action against those people who have accounts elsewhere in the World. Earlier the IT department was very lenient with those people who were accused of possessing these money and they would be freed after they paid some penalty. But, the Central Board of Direct Taxes (CBDT) has clearly said that the person should be prosecuted for such acts, as reported by The Times of India.
Basically, it is the politicians and the Industrialists who have their bank accounts outside India. Over the last two months, the IT department has got their act together and has conducted several searches. They were also able to obtain a list from the French government, which has provided them with such 700 accounts, which could spell danger for many Swiss account holders.
The Times of India also have reported about an unnamed Mumbai Industrialist, who admitted that he has an account with HSBC bank in Geneva with deposits worth Rs. 800 crores. There are several Indian politicians also, who may be questioned for their accounts elsewhere. A tough time lies ahead with these politicians. These cases will be handled by the Directorate of Criminal Investigation (DCI), which explains the seriousness of the matter.
If the data provided by the Swiss banks are to be believed, which was published in iretireearly.com last year, India has around $1500 billion worth black money in Swiss banks. Imagine what this money would do, if it comes back to India, which is poverty stricken.
Even though, the Jan Lokpal Bill has not been passed by the Parliament, but it seems that the IT department has woken up finally to the fast that was undertaken by Anna Hazare to eliminate corruption from India.
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