Govt counters IAC, says information about money in foregin banks being probed

New Delhi: The government on Saturday countered India Against Corruption (IAC) activist Arvind Kejriwal's claims that it is not acting on the alleged black money list handed over by the French government in 2010. In a statement, the government said that the information received from the French government had been analysed and investigations were being carried out by different authorities under the Income Tax Act.

"Information was received in June, 2011 by the Government of India from the Government of France relating to certain bank accounts reportedly held by certain individuals/non-individuals in a foreign bank. Reference to this matter was made by the then Finance Minister during the course of the debate on an adjournment motion in the Lok Sabha on 14.12.2011. Subsequently, answers to questions on this matter were furnished in the Rajya Sabha on 23.8.2012," the statement said.

It added, "Information received from the Government of France has been analysed and investigations into the information have been undertaken by the different jurisdictional authorities under the Income Tax Act. Investigations in the matter are under progress including with the foreign tax authorities to obtain more information with regard to the reported account-holders. Appropriate action has been taken on these cases and further action including assessment, tax collection and levy of penalty will be taken as per the provisions of the Income Tax Act, 1961 and based on the facts of each case."

The statement further added that the information received from the Government of France "is covered by the confidentiality clause under the Double Taxation Avoidance Convention (DTAC) between India and France and can be used only for the tax purposes specified therein".

(For updates you can share with your friends, follow IBNLive on Facebook, Twitter, Google+ and Pinterest)