Black money: Notice to 50 Indians with LGT a/cs

The government has made the first move to home in on individuals and entities who have stashed away black money in one of the offshore banks. The Central Board of Direct Taxes (CBDT) has sent notices to at least 50 individuals figuring among a list of Indians who hold accounts with the LGT Bank, Leichtenstein, a tax haven which borders Germany. “We have sent notices. Whatever action that can be taken under law would follow,” CBDT chairman SSN Moorthy told ET. The tax authorities have sought information on the source of the money lying in the overseas bank and whether the account holders have paid tax on the amounts.