Several countries have submitted data to Government of India on Non-Resident Indians (NRIs) black money. The German Tax Authorities have provided to the Indian Government information available with them regarding accounts concerning Indian nationals with the LGT bank of Liechtenstein. This information was has been provided by the German authorities under the Article concerning exchange of information of the Double Taxation Avoidance Agreement (DTAA) between Indian and Germany read with the Protocol thereto. On the basis of this information, assessment proceedings were reopened and cases were centralized in different central charges in Chennai, Delhi, Mumbai and Kolkata. Assessments have been made against total 18 individual cases involving total assessed income of Rs.43.83 crore and total demand of Rs.24.26 crore. Penalty proceedings for concealment of income have separately been initiated in all these cases.
This information was given by the Minister of State for Finance, Shri S.S. Palanimanickam in a written reply to an Unstarred Question raised in Rajya Sabha today.
It is not clear how the Indian Laws will apply to the admittedly NON RESIDENT Indians, unless it is established that the BLACK MONEY was earned by them in India BEFORE they attained the status of NRI. Moreover, we hear (and also know) and top police and enforcement officers “suspect” that so and so politician or his/her wife or children have all their black monies outside India. Will the govt. take action in their cases?
Will the govt. share this info. with the tax-paying citizens who DO NOT maintain any such account?