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NEW DELHI: The list of 627 names provided by HSBC Bank, which also operates in India, does not have any big names connected to political parties or industrialists, government sources said on Wednesday.

The sources were also sceptical about recovery of huge amounts from the 350-odd Indians, who could face prosecution for allegedly stashing black money in foreign banks, as their account entries were too old and reflected relatively small deposits. The rest of the names in the list of 627 are non-resident Indians (NRIs) who cannot be proceeded against under Indian tax laws, they said.

The sources told TOI that most of the bank account entries were much before 2006 and generally were recorded from 1999 to 2004-05. One of the account entries dated to 1973 and is barred under law from being assessed for tax evasion, they said.

"The entries reflect small amounts, ranging between Rs 5 crore and Rs 10 crore. Even if the government is able to take drastic measures and freeze the accounts taking the money to be illegal, there would be hardly anything left in the accounts given the lapse of time and the warning signals that had gone to them since 2011 when the apex court had rendered the judgment constituting the special investigation team headed by former SC judges," they said.
The sources said the account entries being old, and if the account holders have emptied their accounts, the government would be able to recover very little even after freezing them in cooperation with Swiss authorities, which too was a remote possibility.

Whatever little the government would be able to recover from these 350-odd account holders was because of the amendment to the assessment rules extending the assessment time limit from 6 years to 16 years, they said.

Black money: Where is Rs 15 lakh for each Indian? Congress asks

NEW DELHI: With the Centre pushed on the backfoot over black money issue, Congress poked fun at Prime Minister Narendra Modi’s monthly radio address to the nation.

"The ’mann ki baat’ of countrymen is that the PM should deposit Rs 15 lakh in every bank account as was promised in the election campaign," said Congress spokesperson Shobha Oza.

Modi’s radio address is called ’mann ki baat’. BJP campaigners had promised in the elections that Modi government would bring back black money stashed in foreign banks within 100 days. They had said the recovered black money would be distributed equally among all and would come to Rs 15 lakh per person.

Speed up black money probe: Arun Jaitley to tell I-T brass today

NEW DELHI: With the Supreme Court setting a March 2015 deadline for the government, finance minister Arun Jaitley is all set to flag the issue of speeding up black money investigations and launching prosecution during his meeting with top income tax officials on Thursday.

Sources told TOI that the issue was scheduled to be discussed during a meeting of all income tax principal chief commissioners and chief commissioners in the Capital, but new timelines are expected to be drawn up in the wake of the apex court’s directive. "It was on the agenda but there will be additional focus," said an official, who did not wish to be identified.

In addition, the government is also expected to discuss some of the issues that have been flagged by the Special Investigation Team on black money, constituted by the Narendra Modi government following the court’s directive.

The government has submitted a list of 627 account holders in HSBC’s Geneva branch, with several of them being "resident Indians" whose accounts face special scrutiny, although there is no restriction on opening accounts.

In recent years, there has been a spurt in the information flow from other countries related to account holders in foreign bank branches. While it is not necessary that an overseas account holder will necessarily have illicit wealth stashed abroad, there has been increased scrutiny following black money, especially in foreign countries, turning into an election issue.

As a result, the government’s probe has come under increased focus and the finance ministry is expected to push the income tax officers to not just speed up investigations but also launch prosecution, wherever necessary. At the same time, the government is keen to ensure that there is no undue harassment.