Centre to file affidavit in SC on Indian Swiss bank A/c hold

The Centre decided to file an affidavit in the Supreme Court within 48 hours furnishing particulars of the action taken by the government for seeking details of Indians who have stashed away their ill-gotten money in Swiss banks. Additional Solicitor General Gopal Subramanium, appearing for the Union government, submitted before a bench comprising Chief Justice K G Balakrishnan and Justices Lokeshwar Singh Panta and P Sathasivam that the government was mystified by the timing of the petition seeking probe into huge public money, believed to be around Rs 70 lakh crore, stashed away in Swiss banks. The apex court adjourned the hearing till May 4 to enable the government to give details of the efforts made by it during last four years to identify the Swiss bank account holders of Indian origin. Senior counsel Anil Dewan, appearing for the petitioners who include former Union Law Minister Ram Jethmalani, former Punjab DGP K P S Gill and retired Secretary General of Lok Sabha Subhash Kashyap submitted before the court that reportedly no efforts were being made to get the details of Swiss bank accounts of Mumbai based real estate agent Hasan Ali Khan from whom the Income tax department had demanded a penalty of Rs 40,000 crore for evasion of tax. Others named in media reports include Kashinath and Chandrika Nathuria, who are also facing allegations of stashing away illicit money in foreign bank accounts. Mr Dewan also quoted the Global Financial Integration Report according to which India tops the list of account holders in Switzerland and the total amount of ill gotten money stashed away in UBS, world biggest financial management company which holds the account of foreigners with an assurance to them that the details of their account will not be revealed. He, however, made it clear that the petitioners were not blaming any single political party but were interested in knowing the details of foreign bank accounts of all parties and not any individual’s.

"Loved reading this piece by M. PIRAVI PERUMAL?
Join LAWyersClubIndia's network for daily News Updates, Judgment Summaries, Articles, Forum Threads, Online Law Courses, and MUCH MORE!!"

Join our Telegram group

Join our Whatsapp group