The Income Tax Department has started sending notices to persons involved in black money cases on the basis of information received from abroad, even as Finance Minister Pranab Mukherjee said their names would be disclosed after initiation of prosecution proceedings.
The notices are being sent by the Directorate of Criminal Investigation (DCI) to individuals and entities across countries following scrutiny of classified banking data received from foreign countries about Swiss Bank accounts.
"As and when the information (is received), investigation starts, prosecution takes place (and) matter comes to the court. Then, as per the existing treaty terms, we can reveal the names in cases of prosecution by the Income Tax Department," Mukherjee told reporters here when asked whether the government has received information about industrialists and MPs in connection with black money.
The minister had earlier said the government has received information from France about the overseas bank accounts of Indians. "In 69 cases, the taxpayers have admitted to unaccounted income of Rs 397.17 crore. Taxes of Rs 30.07 crore have also been paid," he had said.
India, according to the Finance Ministry, has so far received over 9,900 pieces of information from several countries regarding suspicious transactions by Indian citizens, which are now under different stages of processing and investigation.
The Department of Criminal Investigation will initiate legal proceedings in several cases in the next few months, sources said, adding that the cases would be dealt with under criminal provisions of the IT Act.
In a number of cases being probed by the DCI, the department plans to conducts searches and surveys for obtaining additional information.