The UPA II Govt on Tuesday April 29,2014 revealed in the Supreme Court the names of 18 Indians who it alleges have stashed away black money or undeclared income in Liechtenstein, seen as a tax haven.
It submitted to the court, in sealed cover, the details of accounts that the 18 people - all businessman from Delhi, Mumbai, Chennai and Gujarat - hold in the LGT Bank in Liechtenstein.
It said these individuals have been investigated by the income tax department and prosecution has begun against 17 of them. One has died.
The Centre told the court that it had in 2009 received information from the German government about 12 trusts that maintained accounts for 26 Indians with the LGT Bank. In eight cases, it said, no evidence of tax evasion was found.
It had earlier argued that publicly revealing the names shared by Germany would compromise its credibility with that country and others with which it has tax treaties.
Today, the Centre also told the court that it continued to oppose the appointment of an independent panel of two retired Supreme Court judges and other members to finalise a blueprint for retrieving the vast amount of black money abroad.