Government reveals three names with foreign accounts

After facing criticism from rival political parties on the issue of black money, the Centre on Monday revealed names of three account holders who had allegedly parked illegal money in foreign banks. As the erstwhile UPA government had revealed 18 names in April this year, the total number of names made public has risen to 21.

The government, however, did not disclose any information from the Swiss banks but just said,"The Swiss authorities have agreed to provide information on black money."

Filing its affidavit before the Supreme Court, the government said eight more names have been obtained from French authorities and other countries that included Pradip Burman, one of Dabur India promoters, a bullion trader from Rajkot Pankaj Chimanlal Lodhya and five directors of Goa-based mining company Timblo Private Limited – Radha Satish Timblo, Chetan S Timblo, Rohan S Timblo, Anna C Timblo and Mallika R Timblo. The government said it has started prosecution proceedings against these people for allegedly stashing black money in foreign banks.

The government, which has already approached the apex court to modify its previous order to disclose the names of Indians due to the Double Taxation Avoidance Aggreement (DTAA) with other countries, once again reiterated that it has has no intention to withhold information including names of persons who have stashed black money abroad.

It also said every account held by an Indian in a foreign country may not be illegal and their fundamental right to privacy cannot be ignored.

"There is absolutely no intention on the part of the government to withhold information including names of persons who have stashed black money abroad but only to seek certain clarifications that will enable the government to enter into agreements with other countries, under which the information relating to unaacounted money lying abroad can be obtatined," the affidavit, filed by the finance ministry, said.

"The names and information cannot be disclosed even during proceeding (by the income tax department) unless there is prime facie evidence of wrongdoing which can be based on a complaint filed in a competent court for tax evasion," it said.

While Burman's name was received from French authorities, the names of Lodhya and others have been received from other countries.

Regarding Swiss bank details, the government said the Swiss Federal Tax Administration has agreed that their counterpart authority would assist India in obtaining confirmation of genuineness of bank accounts.

In April this year, the UPA government had disclosed 18 out of 26 names and their accounts details with LGT bank in Liechtenstein in Germany .

The government lawyer had told the court that in all 18 cases, "the income tax probe is complete and prosecution has been launched against 17 people while one has died."

The Centre had further said that there was no proof of wrongdoing against eight others.

The list of 26 names of Indian-origin people included 12 trusts --- Ambrunova Trust, Marline Management, Manichi Trust, Ruvish Trust, Dainese Stifung and Dryade Stiftung, Urvashi Foundation, Raj Foundation."The information regarding outstanding amounts in the accounts maintained by 12 trusts with LGT Bank in Liechtenstein was received by the government of India from the Greman Tax Authority in March 2009..," as per the affidavits.

Webster Foundation is of K M Mammen, a Padmashree awardee, Ambrunova Trust and Marline management are being run by Kolkota stock broker Manoj Dhupelia and his family members, Manichi Trust is manged by Mumbai's businessman, Ruvisha Trust belongs to a family from Kolkotaand Urvashi Foundation is run by Delhi's banker Arun Kochhar. Likewise, Dainese Stifung and Dryade Stiftung Trust is managed by the business family from Mumbai.