October 19th, 2011
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Probe into black money begins: Pranab

New Delhi: The central government informed that it had started investigations into black money dealings of Indians based on 9,900 pieces of information received from different parts of the world. “Over 9,900 pieces of information obtained regarding suspicious transactions by Indian citizens from several countries have been obtained which are now under different stages of processing and investigation,” Finance Minister Pranab Mukherjee said at the Economic Editors conference here.

India has been “successful” in creating an environment where a regular flow of banking information has started.The revised tax treaty with Switzerland “is expected to improve the inflow of banking information to India substantially”. The Double Tax Avoidance Agreement (DTAA) will allow India obtain information from the European nation in specific cases from April 2011, he added.

“Under the EOI Article of DTAA with France, India has received some information regarding Indians having bank accounts. In 69 cases, the tax payers have admitted to the unaccounted income of Rs 397.17 crore,” he said, adding that taxes of Rs 30.07 crore have also been recovered.



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