Black money: HSBC Bank list contains no big names, no big money

The list of 627 names provided by HSBC Bank, which also operates in India, does not have any big names connected to political parties or industrialists, government sources said on Wednesday.

The sources were also sceptical about recovery of huge amounts from the 350-odd Indians, who could face prosecution for allegedly stashing black money in foreign banks, as their account entries were too old and reflected relatively small deposits. The rest of the names in the list of 627 are non-resident Indians (NRIs) who cannot be proceeded against under Indian tax laws, they said.

The sources told TOI that most of the bank account entries were much before 2006 and generally were recorded from 1999 to 2004-05. One of the account entries dated to 1973 and is barred under law from being assessed for tax evasion, they said.