New Delhi: Once again taking a tough stand, the Supreme Court, Thursday, demanded answers from the Centre on the black money issue even as the government assured that it will make public the names of persons who have stashed money in foreign banks after a case is registered against them. Acting on a PIL filed by eminent jurist Ram Jethmalanai and others, seeking retrieval of black money stashed in banks abroad, the SC bench of justices B Sudershan Reddy and SS Nijjar also asked the Centre to ensure that Pune-based businessman Hasan Ali, accused of money laundering, doesn't leave the country.
The petitioner had claimed that the government has allowed Ali, accused of transferring USD 8 billion from a Swiss bank using wife Rheema Khan's name, to leave India even before the Enforcement Directorate's probe reached its logical conclusion.
The Centre in its reply informed the court that Hasan Ali is in India and that he will be not be allowed to leave the country. The case would come up for further hearing on March 3.
Importantly, Switzerland, on Jan 31, said it is awaiting a "complete" request from India for help in Hasan Ali’s case since 2007.
However, as per reports, Swiss government's internal probe in the case, has found no reality in the presumed transfer of billions of dollars to Ali’s accounts in Swiss bank UBS.
Yesterday, the Centre had filed an affidavit in the court notifying it that the illegal money stashed in tax havens abroad will be taxable income under the Direct Taxes Code Bill.
In view of the searching questions being posed the apex court, the Centre had also pledged to take a host of measures to retrieve black money.
The government also informed the apex court that it has completed negotiations for Tax Informations Exchange Agreement (TIEA) with ten countries where the money is believed to have been stashed.
The ten countries are Bahamas, Bermuda, British Virgin Island, Isle of Man, Cayman Island, British Island of Jersey, Monaco, St Kitts and Nevis, Argentina and Marshall Island.
The Government had earlier claimed that it had identified 26 citizens, who had parked their ill-gotten wealth abroad as revealed by the German government in Liechtenstein Bank there, but avoided making the names public.
According to the data provided by the Swiss bank, India has more black money than rest of the world combined.
The UK has 390 billion dollars in black money, Russia has 470 billion dollars and India tops the list with almost 1500 billion dollars.
