India hopes G-20 will take strong action against black money | world | Hindustan Times
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India hopes G-20 will take strong action against black money

world Updated: Nov 03, 2011 13:41 IST

India today said it hopes the G-20 nations will pay heed to its call for strong action on the issue of black money stashed in tax havens during their crucial summit in Cannes.

The issue has been on the agenda of G-20 for the last two years and India expects strong statements from the grouping on it during the ongoing summit being attended by world leaders like US President Barack Obama and Prime Minister Manmohan Singh, Deputy Chairman of Planning Commission, Montek Singh Ahluwalia, told reporters.

Indian tax enforcement agencies are probing details of black money stashed abroad by several Indians, including politicians and businessmen, on the basis of information received about secret accounts with a multi-national bank in Geneva.

The probe includes searches on some of the individuals figuring in the secret accounts said to be running into some hundreds and involving money to the tune of around Rs 3,000 crore, according to official sources in Delhi.

They said the accounts were mainly traced to an HSBC bank in Geneva but declined to disclose whether information about them was passed on to India by France.