No black money amnesty for 1,200 account holders in HSBC Geneva

New Delhi, March 21: The 1,200 Indians who allegedly have accounts in HSBC Bank's Geneva account and against some of whom a probe was initiated by tax authorities can't get amnesty under the new law that the government proposes to get back ill-gotten money stashed abroad. The so-called amnesty scheme is detailed in the chapter on tax compliance for undisclosed foreign assets of the proposed legislation. But Section 71 lists the cases where the provisions of this chapter shall not apply and the accounts held illegally in the HSBC account falls under it. The said chapter is provided for in the Undisclosed Foreign Income and Assets (Imposition of New Tax) Bill, 2015, which was tabled in the Lok Sabha, the lower house of parliament, on Friday, just hours before the recess of the Budget session. It clearly says it shall not apply, where: - Notice has been served on a person for such cases under the Income Tac Act - Search has been conducted and a notice has been issued that is still valid - Information has been received by the government from a competent authority under a formal pact. India has no official estimates of illegal money stashed away overseas, but the unofficial ones range from $466 billion to $1.4 trillion.