Govt to probe Indians with foreign bank accounts
NEW DELHI (AP) — The Indian government has handed over to the Supreme Court a list of more than 600 Indians with unauthorized foreign bank accounts as it attempts to crack down on rampant tax evasion.
Prime Minister Narendra Modi says he wants to prosecute people who park their money abroad to avoid local taxes. He wants to bring the funds, referred to in India as "black money," back into the country.
Attorney General Mukul Rohatgi said the list with the names of 627 people having bank accounts abroad was handed over to the Supreme Court on Wednesday. The court set a deadline of March 2015 to complete its probe and begin legal action against tax evaders.
India's total illicit financial flows over several decades were estimated at around $462 billion in 2010.