Black money abroad: 350 accounts assessed, 60 cases filed

New Delhi, Feb 9: The central government has completed assessment of 350 foreign accounts while tax-evasion proceedings have been initiated against 60 account holders as part of its crackdown on black money, Finance Minister Arun Jaitley said Monday. "About 60 prosecutions have so far been launched for wilful attempt to evade taxes [S/276C(1)] and failure to furnish accounts and documents etc [S/276D]," the finance ministry said in a release here. "Show Cause Notices before launching prosecutions have been issued in a large number of other cases wherein further action is underway," it added. Reacting to a media report that 1,195 Indians were in the list of clients who held accounts in HSBC bank's Geneva branch from 2006-2007, Jaitley said: "The details that have come out today (Monday) are the ones we already have." "The question is not about names but evidences that we need. Some new names have been revealed whose veracity would be checked by authorities," he said. Jaitley said the assessment of the balance accounts will get completed by March 31.