From the way the events are shaping up, looks like the issue regarding the black money stashed away in foreign accounts will die a slow death.
Though the Centre has submitted a list of 627 accounts to the Supreme Court, it is now being said that very few accounts will actually be punishable under Indian Penal Code.
Meanwhile, Supreme Court passed on the list of black money accounts to a special investigation team. SIT chairman Shah has revealed that there is no new information that has been provided to them. All information was already available with them, he said.
It is said that out of the 627 accounts, an enquiry might be launched against a mere 20 accounts.
According to reports, while the HSBC Geneva office provided information regarding various accounts, there was no money in 289 accounts. Technically, this means that they are showing 0 balances. Another 13 accounts belong to corporate and trusts.
It has been decided that another 315 accounts will be taxable, though the tax money would only amount to Rs 750 crores. Though many anticipated that black money running into lakhs of crores would come out, these recent developments have led to disappointment.
On the other hand, the Switzerland government has sent out a notification to the Indian government reminding them of their agreement which clearly states that while information would be provided, the account holders names cannot be made public.
Now, there are doubts being raised about the details coming out ever.
Well, it also looks like the details of the accounts that have come into open will not be revealed either.
