The government has sent notices to 18 Indians who have stashed away unaccounted money in Liechestein’s LGT Bank, asking them to pay Rs 24.66 crore (Rs 246.6 million) as taxes.

Based on the information received, income amounting to Rs 39.66 crore (Rs 396.6 million) was assessed/reassessed in the hands of 18 individuals being beneficiaries and tax demand of Rs 24.66 crore raised, Minister of State for Finance SS Palanimanickam informed Rajya Sabha.

He further said that notices for imposition of penalty and prosecution under various provisions of income tax law have been issued. According to Palanimanickam, German tax authorities had provided the government information available about Indian nationals’ bank accounts in the LGT bank of Liechestein.

“This information has been provided by the German authorities under the Article concerning exchange of information of the Double Taxation Avoidance Agreement (DTAA) between India  and Germany…,” he added.

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