SIT detects Rs 4,479 crore Black Money in HSBC Accounts

In a major boost to the fight against black money, the SIT has detected Rs 4,479 crore black money stashed in the HSBC bank accounts held by Indians. The Income Tax department has already initiated action against 79 people to recover tax towards the amount of Rs. 2,926 crore.

Out of the 628 persons, 201 are either non-residents or non-traceable, leaving 427 persons cases as actionable cases, said an official statement. No balance has been found in at least 289 accounts. Proceedings in the cases related to the HSBC list will be completed by March 31, 2015.

In addition, the Income Tax department and other agencies including the Enforcement Directorate (ED) are probing cases involving unaccounted wealth totalling Rs. 14,957.95 crore within India. The Indian government is in touch with seven other countries to trace the black money.