Black money: Govt says notices served to 17 people, prosecution on

Source :Indian Express:Sat Feb 05 2011, 10:55 hrs

The government today said it has served notices to 17 people alleged to have kept untaxed money in foreign banks and prosecution has begun against them, but refused to reveal their names.

The comments, made by Union Finance Minister Pranab Mukherjee here, came a day after some media reports revealed names of 15 entities, including individuals and trusts, said to have kept illicit money in LGT Bank of Liechtenstein, an European country neighbouring Switzerland.

"We have received a few names and already served notices on 17 persons and prosecution has begun," he said.

Mukherjee, however, said that it was not possible to reveal the names of those who have stashed money in overseas banks.

"The government, suo motu, cannot reveal the names because according to treaty we can only use the information for taxation purposes," Mukherjee told reporters.