The central government is going to submit the names of all illegal foreign bank account holders to the Supreme Court here on Wednesday.
The Supreme Court had on Tuesday asked the Union Government to release all the names of the people who have stashed their black money in accounts abroad. This order came after the latter had released the names of three account holders on Monday.
The government also made its intention clear by asserting that it had no inhibitions in following the Supreme Court's order in placing the entire list of names of those having black money stashed in foreign banks by Wednesday morning before the apex court.
Union Finance Minister Arun Jaitley had emphatically expressed the government's keenness in getting to the root of the matter so that the account holders' names comes out and they face legal action and eventually bring back the money lying in foreign shores back to the country.
"The government has absolutely no difficulty in giving it to either the court, and the government shall place the list before the court, because, the government has already given it to the court constituted SIT," said Jaitley.
On Monday, the government in an affidavit to the Supreme Court had named three people who had accounts in Swiss banks with black money - Pradip Burman, former executive chairman of Dabur; Pankaj Chimanlal Lodhiya, a Rajkot-based bullion trader and Radha S. Timblo, a Goa-based miner and owner of Timblo Pvt Ltd.
The government is building pressure particularly on Switzerland, seeking details of Indians who have parked unaccounted for money in the Alpine country's highly secretive banks. It has quickly implemented a Supreme Court directive to set up a high-powered special investigation team, headed by retired judge MB Shah, to look into the issue.
While there are no official estimates, Global Financial Integrity (GFI), a Washington-based think-tank, has estimated that Indians had parked USD 462 billion in overseas tax havens between 1948 and 2008.
