Thursday, 25 December 2014

Timeline: Indian black money in foreign banks

1. April 18, 2009

NDA releases “Indian Black Money Abroad in Secret Banks and Tax Havens”

The BJP-led National Democratic Alliance released a booklet, “Indian Black Money Abroad in Secret Banks and Tax Havens”, which contained allegations against Congress president Sonia Gandhi and her late husband Rajiv Gandhi.
2.January 19, 2011

All possible steps are being taken: Manmohan Singh

Then Prime Minister Manmohan Singh questioned the calculation behind estimating black money stashed by Indians abroad ($89.16 billion) but said all possible steps were being taken to bring it back.
3.August 2, 2011

Govt expands CBDT committee on black money

Appointment of a high-level committee headed by M.C. Joshi (then Central Board of Direct Taxes chairman) to study the generation and curbing of black money.
4.January 27, 2012

India signs convention against black money

India made a commitment to G20 that it will remain an active member of the global battle against black money and will soon sign the Convention on Mutual Administrative Assistance in Tax Matters to curb it by sharing information.
5.November 14, 2013

Modi's promise

Then Gujarat Chief Minister and BJP's PM candidate Narendra Modi promised to bring back black money stashed abroad and called for a law on the subject.

February 1, 2014

"We share the Opposition's views on black money"

Manmohan Singh said his government shared the opposition’s views on getting back the black money stashed by some Indians in foreign banks and said it would sit with political parties to seek help and see how the black money problem can be dealt with.
7. February 21, 2014

Where’s the money coming from, AAP asks BJP

Aam Aadmi Party demanded to know the source of its Rs. 400-crore budget for “branding” BJP and its prime ministerial candidate Narendra Modi.
8.March 26, 2014

Congress manifesto

The Congress election manifesto said it will appoint a special envoy on black money. 

April 27, 2014

‘India, Switzerland studying ways to share info on black money’

Then Finance Minister P. Chidambaram said he had taken up the issue of black money of Indians stashed abroad.

10. April 29, 2014

Centre discloses names of Liechtenstein Bank account holders

Government disclosed to the Supreme Court the names of 26 people who had accounts in banks in Liechtenstein - as revealed to India by German authorities. 

11.June 2, 2014

SIT on black money charts road map

The Narendra Modi government announced the formation of a Special Investigation Team (SIT) on black money, headed by retired justice M.B. Shah.

12.July 20, 2014

Chasing black money, India gets Swiss invite for discussions

Finance Minister Arun Jaitley informed parliament that there is a positive response to requests made by India to Swiss banks.
13. July 25, 2014

"We will not have to wait for long"

In its first budget, the government said the problem of black money to be fully addressed.

14.October 18, 2014

"Will not hold back names"

Jaitley said the government won’t hold back any information on black money or names of account holders in tax havens, but the latter will be revealed after “following due procedure”.

15. October 26, 2014

Black money: govt. names industrialists

The Centre disclosed that Pradip Burman of Dabur, Rajkot-based bullion trader Pankaj Chimanlal Lodhiya and Goa-based mining baron Radha Satish Timblo of Timblo Private Ltd. were among those who had stashed black money abroad.
16. October 28, 2014

Reveal all names: SC

The Supreme Court ordered the Centre to disclose all the names of black money holders abroad to it by Wednesday in a sealed envelope while slamming the governmnet for reluctance on the issue.

19.October 29, 2014

List of around 627 people submitted to SC

Central Government submitted to the Supreme Court names of the 627 Indians who are holding accounts in foreign banks revealed by the French government.

20.November 2, 2014

Efforts to bring black money on right track: Modi

Prime Minister Narendra Modi addressed the nation in ‘Mann ki Baat’ programme on All India Radio.

21.December 13, 2014

Indians in HSBC list hold Rs. 4,479 crore black money: Centre

Finance Minister Arun Jaitley said that proceedings in the cases on the HSBC list would be completed by March 31, 2015.

22.December 14, 2014

SIT wants tax evasion made a ‘criminal offence’

“If tax crimes remain civil in nature, foreign governments will not cooperate," M.B. Shah, chairman of the Special Investigation Team on black money, said.


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