05 Feb '11, 9pm

India goes after 'black money' hoarders

India goes after 'black money' hoarders

NEW DELHI: India's government, under opposition pressure over billions of dollars of untaxed money held overseas by rich Indians, said on Saturday it had begun legal action against 17 people with alleged funds abroad. The issue of so-called "black money" hits a Congress-led government that is itself dealing with a slew of graft allegations over recent months including a massive telecoms sale fraud. Finance Minister Pranab Mukherjee said the government has served notices on 17 people in connection with foreign bank holdings but it was not possible to reveal their names. "We have received a few names and already served notices on 17 persons and prosecution has begun," he said in televised remarks. He said international agreements and other legal hurdles prevented the government from exposing the identity of Indian tax evaders. "We can only reveal the details in the open cour...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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