Supreme Court to hear black money issue

Thursday, February 10, 2011

NEW DELHI - The Supreme Court will on Thursday conduct a hearing in the black money case a day after the Centre notified it that the illegal money stashed in tax havens abroad will be taxable income under the Direct Taxes Code Bill.

The Centre on Wednesday filed an affidavit before the apex court in connection with the case and pledged to take a host of measures to retrieve it.

The government also informed the apex court that it has completed negotiations for Tax Informations Exchange Agreement (TIEA) with ten countries where the money is believed to have been stashed.

The ten countries are Bahamas, Bermuda, British Virgin Island, Isle of Man, Cayman Island, British Island of Jersey, Monaco, St Kitts and Nevis, Argentina and Marshall Island.

The Government had earlier claimed that it had identified 26 citizens, who had parked their ill-gotten wealth abroad as revealed by the German government in Liechtenstein Bank there, but avoided making the names public.

According to the data provided by the Swiss bank, India has more black money than rest of the world combined.

The UK has 390 billion dollars in black money, Russia has 470 billion dollars and India tops the list with almost 1500 billion dollars. (ANI)

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