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Govt gets new black money data

Finance minister Pranab Mukherjee tells the Rajya Sabha that the government has received information about some Indian nationals having accounts in Swiss banks and is taking appropriate action to bring back the black money.

Mail Today Bureau | August 3, 2011 | Updated 08:20 IST

The government has received information about some Indian nationals having accounts in Swiss banks and is taking appropriate action to bring back the black money, finance minister Pranab Mukherjee told the Rajya Sabha in a written reply on Tuesday.

"Whenever information about money deposited in any foreign bank account is obtained the same is first verified and then action is taken in accordance with law to bring the undisclosed amount to taxation," he said.

The minister, however, did not disclose the names of accounts holders saying that information received under the Double Taxation Avoidance Agreement (DTAA) is covered by a confidentiality provision. He was replying to a query on whether the government has received some information regarding black money deposited in Swiss banks. Mukherjee said the government has formulated a five-pronged strategy in this regard.

MUST READ: How black money comes back to India via Mauritius

Meanwhile, the petroleum ministry said the eastern offshore KG-D6 fields operated by Reliance Industries Ltd (RIL) produced 31 per cent less natural gas than the projected 70.4 million standards cubic metres per day (mmscmd) in the April-June quarter. The average gas production during April-June 2011 from KGD6 field was only 48.60 mmscmd, which is less than the approved field development plan (FDP) rate, minister of state for petroleum and natural gas R.P.N. Singh said in a written reply in Rajya Sabha.

"The contractor (RIL) was adviced by the director general of hydrocarbons (DGH) to expeditiously drill more development wells in D1 and D3 field as per FDP in order to enhance gas production in KG-DWN-98/3 block," he added. Pressure in the wells has dropped sharply and there is increased water ingress, resulting in lower gas output.

Of the 20 wells drilled, only 18 wells are under production. In the FDP approved in 2006, RIL had committed to drill 31 wells by the end of the current fiscal. The Parliament was also informed on Tuesday that the annual growth in educational loans provided by public sector banks has come down to 20.9 per cent in 2010-11.

"The year-on-year growth has been showing a declining trend," minister of state for finance Namo Narain Meena said in a written reply in the Rajya Sabha. On March 31, 2004 the growth in educational loans was 47.54 per cent over the previous year. However, between 2003-04 and 2010-11 the number of education loan accounts has gone up over seven-fold, while loan outstanding has increased nine-fold.

Courtesy: Mail Today 

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