Swiss Bank which has recently released a total of Seven Indian names holding accounts in it has included the name of Industrialist Yash Birla in it. He is the owner of the Yash Birla group.
Yash Birla group official spokesperson, said in a statement that Mr. Birla was wrongly stated in the list and further added that he does not own any account in the Swiss Bank either with his name or under his control. He said that the same has been conveyed to the Indian Income tax department.
Beside Mr Birla, Gurjit Singh Kochar, the son-in-law of realty baron Ponty Chadha who was killed in a shootout, and a Delhi-based businesswoman, Ritika Sharma, have also been named in a Swiss document, according to the Press Trust of India. The other Indians in the list are Sayed Mohamed Masood and his wife Chand Kauser Mohamed Masood, who are being investigated for a multi-crore ponzi scheme in Mumbai offering car rental services.
Earlier industrialists Sneh Lata Sawhney and Sangita Sawhney names were also revealed but none of them have commented so far on this issue.
As per the existing tax treaties, the names published by the Swiss bank, are given a 30 days time to appeal in a local court. If they do not return with their identity the details of the same will be shared with the Indian authorities. Sources say, that only those names who could not be contacted due to their wrong addresses being provided or illicit tax payers are revealed.
The HSBC’s Geneva branch of France, has revealed a total of 628 names in 2010. Mr. Arun Jaitley, the Finance Minister of India said in a statement that the illicit tax payers must understand this, that it is no m0re safe for them to hide black money in foreign banks, the NDTV reports.
The case of Black money being brought back to India, is the priority of Narendra Modi, the prime minister of India, as said in his campaign – we have to see how far he is going to keep his promises. However, all the cases of Black Money are being monitored by a special investigation team consisting of Former Bureaucrats and Judges constituted by the Supreme Court of India.