The Supreme Court on Thursday asked the government to widen the scope of its action on black money beyond the issue of tax evasion, questioning why it had not gone after those who had stashed huge amounts of money abroad or inquired about the source of the siphoned funds. The Centre explained the difficulty in revealing the names of foreign bank account holders who were in the zone of suspicion for...

The Supreme Court once again confronted the government today over the poverty of information about black money sent abroad by Indians. "Is it from arms dealing... drug peddling? These are very serious issues," the court observed while reprimanding the government for focusing on tax evasion in its inquiry into black money. A petition filed by a group of people including former Law Minister Ram Jethmalani asked that the government be...

Intervention plea in High Court opposes bail to Dr. Sen At half past four in the evening on Tuesday, Justices T.P. Sharma and R.L. Jhanwal of the Chhattisgarh High Court were preparing to adjourn for the day when they were interrupted by an energetic lawyer with tousled grey hair. “Your Honour, we would like to file an intervention application to oppose bail in this case,” began Shailesh Ahuja, marking the latest...

The Centre may announce a tax amnesty scheme to bring back black money stashed in banks abroad, finance minister Pranab Mukherjee hinted today. He declined to share the names of those who have black money in foreign banks “as it violates international law”. By one estimate, anything between $450 billion and $1.5 trillion is in these accounts. Mukherjee’s news conference was called today at the behest of Prime Minister Manmohan Singh who...

India, Switzerland had signed a protocol to amend the DTA last year It is expected to help India get details about illicit wealth India may have to wait till at least next year for information from Switzerland on the possible black money trail to Swiss banks, as a treaty for the same might come into force only by the end of 2011. The treaty needs to be ratified by various authorities in India...