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India’s government handed the names of over 600 citizens with foreign bank accounts to the Supreme Court yesterday in a bid to stamp out tax evasion.
The government was ordered to give up the names so the court can hand them to an investigative team looking into rampant tax-dodging in the country.
Attorney General Mukul Rohatgi said the 627 people all have accounts with a Geneva branch of HSBC. A bank employee passed the information to India in 2011 but it has not yet been acted on.
An estimated £310 billion is held by Indians in tax havens overseas — many being British crown possessions including the British Virgin Islands, Jersey and the Isle of Man.
Prime Minister Narendra Modi claims to be launching a ruthless campaign to eliminate tax evasion, which outrages Indian public opinion.
But the Communist Party of India (Marxist) says the government’s approach is selective and does not target all tax-evaders.