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Govt receives info about 7700 cases of blackmoney: FinMin
September, 07th 2011

The government today said it has collected specific information from treaty countries on 7,704 cases where payments were received from non-residents in various countries over the past two years and was investigating the cases.

"In the last 24 months Income Tax Department have collected 7,704 discrete items of information from treaty countries containing details of payments received by Indian citizens in various countries besides informations of LGT Bank accounts," the Finance Ministry said in its document on the measures taken to tackle black money.

This information, the Ministry added, is in various stages of processing and investigation.

The Ministry further said that based on the prosecution by the Central Board of Direct Taxes (CBDT) of the LGT bank accounts holders, the Enforcement Directorate is also taking necessary action under Foreign Exchange Management Act.

Besides, the government has made more than 175 requests to treaty partners in case of specific taxpayers in the 2009-10 financial year, it said.

While mentioning cross-border transaction, the Ministry said that special attention on such deals have resulted in collection of taxes of Rs 22,697 crore in the last fiscal.

"The CBDT has also raised demand of Rs 11,218 crore in case of Vodafone involving a cross-border deal with a tax haven country out of which tax of Rs 2,500 crore has been collected in this month," it said.

On the Hassan Ali case, it said that Letters Rogatory have been sent out to five foreign jurisdictions and "part replies have been received from some of them and further supplementary Letters of Request are also being issued".

The Finance Ministry has also received about 3,300 suggestions from public on ways to deal with black money.

 
 
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