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Black money list revealed, 15 Indians named

This article was posted on Feb 5, 2011 and is filed under Market News

Names of 15 Indians who have stashed away wealth in offshore banks have been made public by Tehelka magazine in its latest issue.

Tehelka claimed it has in possession two more names, but were holding them back for verification. One name is alleged to be that of a prominent politician and the other chairman of a leading company.

The 15 names include Manoj Dhupalia, Rupla Dhupalia, Mohan Dhupalia, Hasmukh Gandhi, Chintan Gandhi, Dilip Mehta , Arun Mehta, Arun Koohar, Gunwanti Mehta, Rajnikant Mehta, Prabodh Mehta, Ashok Jaipuria, Raj Foundation, Urvasi Foundation and Ambunova Trust.

The German government purchased the data from an ex-employee of LGT Bank, the flagship bank of Liechtenstein , a country viewed by global banking groups as one of the major tax havens in the world.

Germany handed over the list on March 18, 2009, but the Government had refused to divulge the names as it had to honour the commitment given under tax treaties. Under provisions of the tax treaties, information exchanged is to be used only for the purpose for which it is sought.

Therefore, the government is not in a position to make these names public, but only recover tax on the unaccounted income.

The Income -Tax Department has sent notices asking 15 entities to pay up but the government has taken special care to ensure that no name was released to the public. The amount of money stashed away in Liechtenstein’s is minor, compared to the size of the black money stashed in several other offshore banks.

As per an estimate by Tax Justice Network, an NGO, the volume of money lying in these banks could be over $11 trillion.

source: Economic times

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