Government sends notices to 17 in black money trail

Kolkata, Feb 5 (ANI) Union Finance Minister Pranab Mukherjee on Saturday said the Government has served notices to seventeen persons related to the foreign banks black money trail.

"We have served notices on seventeen persons and prosecution has begun. The government cannot reveal the names of account holders who have stashed their money away in Swiss banks as the information can only be used for taxation purposes," he told reporters here.

"The government, suo motu, cannot reveal the names because according to treaty we can only use the information for taxation purposes. We can only reveal the details in the open court when the matter comes up for hearing," he added.

According to the data provided by the Swiss bank, India has more black money than rest of the world combined.

The UK has 390 billion dollars in black money, Russia has 470 billion dollars and India tops the list with almost 1500 billion dollars. (ANI)