I-T dept mulls prosecution of Hasan Ali: Pranab

Our Bureau New Delhi | Updated on February 25, 2011

The Finance Minister, Mr Pranab Mukherjee on Friday said that the income tax department was “contemplating” prosecution of Mr Hasan Ali Khan, a Pune-based businessman accused of stashing black money in foreign banks.

“The income tax department has completed the assessment. They are contemplating prosecution”, Mr Mukherjee told Lok Sabha in reply to a supplementary on a question relating to the steps being taken by the Government to bring back the illegal money stashed in Switzerland banks. The Finance Minister also said that the “directive” of the Supreme Court will be “observed” and Mr Khan would not be allowed to leave India.

The Supreme Court had recently asked the Centre to make sure that Mr Khan does not leave the country and is available to face prosecution. The apex court was hearing a Public Interest Litigation (PIL) filed by eminent jurist Mr Ram Jethmalani and others seeking directions to retrieve black money worth about $1 trillion from abroad.

Meanwhile, on the revision in double tax avoidance agreement (DTAA) with Switzerland, Mr Mukherjee said the agreement to revise the DTAA was signed in August last year. It has not yet been ratified by the Swiss side and once this is done, the Indian side will be able to access banking information, but on a prospective basis with effect from April 1, 2011.

On the names of those Indians who had secret accounts in LGT bank of Liechtenstein, Mr Mukherjee said that he cannot disclose those names as the information was given to India under the DTAA (with Germany).


Published on February 25, 2011

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