In the wake of a new list revealing names of nearly 1,200 Indian account holders in Swiss banks, eminent banker Deepak Parekh today said the government should distinguish between legitimate and illicit funds before taking any action.
"There may be some fraudulent transactions and Finance Minister Arun Jaitley has said that the government is investigating.
“We are going to get some penalty and taxes from them.
“They have to be proved first, because we have a system wherein each individual can remit some amount abroad a year.
“Many people have done that also. So you have to distinguish what is legitimate and what's not," Parekh told reporters on the sidelines of a business event in Mumbai.
Asked whether there could be more names to come, Parekh said, "We read media reports.
“You people say there are crores and crores rupees outside. But, we don't know what the actual number is.
"But I am glad that it has come and people will be more reluctant to transfer money," he said.
An international body of investigative journalists has revealed a list of over one lakh account holders in Swiss branch of global banking major HSBC with funds totalling more than $100 billion.
The list also includes 1,195 Indians with funds totalling $4.1 billion (Rs 25,420 crore) and the report on Monday prompted the government to widen its probe into suspected black money stashed abroad by Indians.
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