Finance Minister Arun Jaitley on Monday said that the Centre would look at the names of Indians holding Swiss bank accounts in a new HSBC list obtained and published by the International Consortium of Investigative Journalists. The top 100 names on the list were put out by a newspaper on Monday.

Stating that 60 prosecutions have already been launched, Jaitley said: “Some additional names have come. If those names are of resident Indians who have accounts, a case can be made. If they are foreign citizens or non-residents, then there is a different dimension to it.

Reacting to reports of 1,195 Indian names holding HSBC foreign accounts, the minister said a majority of them already figure in the list of 628 available with the Government.

As on December 31, 2014, assessments had been completed in 128 cases, said Jaitley. In the remaining cases, assessment proceedings are at an advance stage and will be completed by March 31, he added.

Jaitley explained that the information about the HSBC foreign bank accounts held by 628 Indian persons/entities was received from French authorities. Of them, 200 were either non-residents or un-traceable, leaving 428 cases of residents, which were found actionable. For these 428, the net amount of the peak balance was about ₹4,500 crore.

On the completed assessments, a Finance Ministry statement said that undisclosed income of ₹3,150 crore was brought to tax on account of deposits made in unreported foreign bank accounts.

Seeking more information

The ministry’s statement said that the Income Tax Department is in touch with the whistle-blower who spilled the names of persons holding undisclosed bank accounts with HSBC in Switzerland.

It added that the whistle-blower has been requested to share information about the undisclosed bank accounts of Indians with HSBC in Switzerland and elsewhere. His response is awaited.

PTI adds: Industrialists Mukesh and Anil Ambani and Jet Airways Chairman Naresh Goyal on Monday reacted to news of the fresh HSBC list by denying having illegal Swiss bank accounts.

“There is no black (money) ... There is nothing to hide, nothing to worry. (I am) following all regulations and rules,” said Goyal.

A Reliance Industries spokesperson said: “Neither Reliance Industries nor Mr Mukesh Ambani have or had any illegitimate bank accounts anywhere in the world.” Similarly, a spokesperson for Anil Ambani, Chairman of the Reliance Group, said: “Mr Ambani does not have any HSBC overseas account”.

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