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The Government has received a number of cases of information relating to money held in foreign bank accounts, the Minister of State for Finance, Mr S.S. Palanimanickam, today said.
“The Government has received a number of cases of information relating to remittances, payments and money held in foreign bank accounts etc under the provisions of the DTAA/TIEAs,” Mr Palanimanickam said in a written reply to the Rajya Sabha.
He was responding to a question on whether the Government received details regarding 9,900 persons who have deposited black money in foreign banks and whether it was investigating those persons.
Every reliable information, including information received from outside the country, Mr Palanimanickam said “is verified according to the provision of Direct Tax laws and action is taken”.
He said the Tax Department levies penalty in cases of concealment and in appropriate cases, initiates prosecution proceedings.
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