Black Money: Supreme Court Asks Centre to Reveal Details About 26 Individuals

The Supreme Court today directed the Centre to hand over the details of 26 account holders who allegedly stashed black money or undeclared income in LGT Bank in Liechtenstein, seen as a tax haven.

According to the top court's directive, the Centre has to handover all the information within three days to the petitioner, Ram Jethmalani, who is a noted lawyer and parliamentarian.

The Centre had on Wednesday disclosed the names of 18 persons to the Supreme Court in the black money case. The Centre also said that the income tax department has launched prosecution against 17 of them. One has died.

The Centre had also given the names of other eight individuals in a sealed envelope but said it found no evidence of tax evasion.

The Supreme Court today said former Judge MB Shah would head the special investigating team on black money. Justice Arijit Pasayat would also be a part of the team. The Centre has been directed to form the special investigating team within three weeks.

Last week, the Supreme Court had censured the government for failing to take strong steps to recover black money stashed by Indians in Liechtenstein. The Centre told the court that it had in 2009 received information from the German government about 12 trusts that maintained accounts for 26 Indians with the LGT Bank. It had earlier argued that publicly revealing the names shared by Germany would compromise its credibility with that country and others with which it has tax treaties.