Attorney General Mukul Rohatgi said that the government has decided to submit the names on the black money account holders list.

10:22 am, 30 October A day after the Modi government handed over a list of 627 Indians who have accounts in HSBC bank, Geneva for a tax probe for suspected black money to the Supreme Court, the Special Investigation Team which is probing the matter has reportedly asked for public opinion on the black money issue.

According to a report in NDTV, SIT will soon release an email id where anyone can give information.The panel will meet today to work out details of its inquiry.

End of updates on 29 October, 2014

9.35 pm: Govt letting some people go without punishment, says Kejriwal

Stepping up attack on the government on the black money issue, AAP chief Arvind Kejriwal on Wednesday accused it of adopting a "selective" approach in punishing the guilty and said he will try to meet the SIT probing the high-profile case to share some details.

Demanding a thorough and time-bound investigation, he said the ruling dispensation should give a free hand to the probe agencies so that all those who have stashed money abroad illegally face action.

"We will ask for time (from SIT) and we will give our suggestions and also give the names. We will request that the investigation be done in a time-bound manner and strictest action be taken because my information is that action is being taken against those whose names are there in that list in a selective manner," Kejriwal said.

He alleged that the government was "letting go some people without any punishment while some are being made to pay the tax and some people are being raided. This should not happen".

"If you are conducting raids, then raid all and record statements of all persons involved. We all should rise above party lines and cooperate with the SIT," he said.

9.13 pm: I-T dept to soon begin probe against 90 from Mumbai in list

Mumbai Income Tax authorities will soon initiate the process of ascertaining if there was any

"criminality" involved in the accounts of 90 individuals from the city whose names figure in the list of 627 Indians submitted by the Centre to the Supreme Court in the blackmoney case.

Sources in the Directorate General of Income Tax (Investigation) department told PTI that of the 627 individuals named in the list, 235 were based in the city. "We have got confirmation of the accounts of about 90 individuals from Swiss authorities and will begin the process of ascertaining it any criminality was involved," sources said.

Maintaining that just because somebody had a foreign account he cannot be categorised as "blackmoney hoarder", an officer said, "We will verify all the aspects."

5.00 pm: Justice M B Shah says the list given by BJP government is same as the one submitted last June

In an exclusive interview with CNN IBN, Special Investigation Team (SIT) chairman former Justice M B Shah said that the developments in the black money case in the last few days are insignificant.

"We are back to square one. The government has submitted the same list which was submitted to us last June. All the facts that have been revealed in the black money list were already known to the SIT," said the Justice Shah.

But the SIT chief also asserted that it does not seem that the government is trying to protect anyone. Justice Shah said the report will be ready in time.

4:00 pm: Kejriwal raps Modi government

The Aam Aadmi Party (AAP) today accused the government of sparing the "big fishes" holding black money abroad.

AAP leader Arvind Kejriwal said the revelations of black money account holders should not be selective. "There should not be selective revelation of names. The big fishes are being let off," he told the media. Kejriwal onTuesday moved an application in the Supreme Court seeking to be heard in the black money case. The former Delhi chief minister claimed he had personal knowledge of some people who have stashed black money in foreign banks.

Meanwhile, the SC directed that the sealed envelopes containing 627 names, including correspondence with the French government, be given to Special Investigation Team (SIT) chairman Justice M.B. Shah and vice chairman Justice Arijit Pasayat. The SIT was set up by the apex court July 4, 2011.

The court said the SIT will move into the matter in accordance with the law.

All the 627 accounts are at HSBC Bank in Geneva - the details of which India got from the French government. These are also known as stolen data and when the Indian government approached the Swiss authorities for assistance, they refused to help, saying that they don't deal with stolen data. However, HSBC Bank said that if the Indian authorities get an NOC from the account holders, then it would share the details. As a consequence, about 50-60 account holders gave their consent with NOC.

Rohatgi told the court that the government of India has only one request that care should be taken that nothing should impede in getting information from these countries and others on foreign accounts in future. Directing further hearing of the matter Dec 3, the court said that the SIT team will submit its status report on the steps taken by it in pursuance to the list of 627 account holders.

1. 10 pm: No credit to FM for revealing names of black money account holders, says Ram Jethmalani

Ram Jethmalani, who raked up the black money issue in the Supreme Court, said that submission of names is a "great development but the credit goes to SC not the Finance Ministry or AG."

"They have to give the names to SIT, investigation should not be left to officers or government," he added.

11. 30 am: Will SC order impact other tax treaties?

According to a Times of India report, the Supreme Court's directive on sharing the names of overseas account holders may impact other tax treaties.

"Any move to make the names public without prosecution may hamper signing of the Foreign Account Tax Compliance Act (FATCA) with the US, which contains a confidentiality clause," notes the ToI report.

What the AG said:

11:10 am Following the Supreme Court's direction, Attorney General Mukul Rohatgi said, "We gave 627 names in a sealed cover to the court along with a status report. Last date for assessment for all these accounts is 31 March 2015. The court after hearing both sides, did not open the cover but directed that the sealed envelope be given to the SIT itself. The SIT will there after see what it has to do and proceed in accordance with law."

This same list had been submitted to the SIT in June earlier this year, the AG added. The apex court has asked SIT to verify the list given by the government and carry on with probe. It has however, sought a report by November end.

Rohatagi refused to divulge any names but added that at least half of them were from India while the remaining where non-resident Indians. These 627 names were got by the government of India in 2012 from the government of France. An employee of HSBC Holdings Plc's Swiss branches had allegedly stolen this data, he added.

Meanwhile, sources told NDTV that the Special Investigation Team will submit report on 220 shortlisted names of foreign account holders at the end of the month.

The SC has said as and when the SIT decides to release information on the names in the sealed envelope, only then will petitioner Ram Jethmalani get access to the list.

On Tuesday, the court also turned down the government's request that it modify its order seeking the names of all such account holders. The Centre had contended that the names should be revealed only after investigations proved the accounts indeed held black money and led to prosecution against tax evaders.

Black money list out, Apex Court asks SIT to submit status report by November 2014

10:51 am : Even as the government has submitted a list of 627 black money account holders, the names in the list are entries till 2006 only. The Supreme Court has said that the Special Investigation Team will continue to probe foreign bank account holders' list and has set March 2015 as deadline.

Any information post 2006 can only be obtained if the account holders give a non-objection certificate to foreign banks.

Meanwhile, Headlines Today reported that the apex court has asked SIT to submit its status report on the investigation into the black money case by November 2014.

The Supreme Court said all information provided by Centre is given to SIT and it can be opened only by its chairman and vice-chairman. What this means is that the apex court has refused to open the sealed envelope, saying the document must be placed for the SIT.

The list of black money account holders, which includes 627 names, was submitted before the SC by Attorney General Mukul Rohatgi, who also placed before the bench headed by Chief Justice HL Dattu three sets of documents on list of treaties and status reports. It is, however, unclear if the court will make the names public.

Govt submits list of 627 names to Supreme Court

10:39 am The government today submitted the entire list of black money account holders to the Supreme Court. The documents include 627 names and status report of their investigation in these cases.

According to TV reports, Attorney General Mukul Rohatgi submitted three sets of documents to the apex court, which include all the account holders' names. Document one contains names of black money account holders, document two contains details of overseas accounts and document three includes status of investigation in these cases, reported Times Now.

Finance Minister Arun Jaitley on Tuesday had said it will be up to the judges to decide whether to make the names public. "There is nobody that the government wants to protect," he said.

The names as sought by the Supreme Court had already been given to the Special Investigation Team (SIT) appointed by the government at the behest of the apex court. The primary purpose of this exercise is to ascertain who among the individuals and the entities named hold such accounts in contravention of Indian laws and what kind of proceedings can be initiated to prosecute them and get back any ill-gotten money.

The government had told that court Monday that it could not disclose the names to the apex court even in the proceedings under the constitution's article 32 under which the apex court could be moved for upholding fundamental rights.

The Supreme Court has been monitoring the investigations into black money since 2009, based on a petition filed by senior lawyer Ram Jethmalani.

Not two or three names, we want entire list, SC tells Modi govt

9:00 am, 29 October Even as the entire list of black money account holders is due to be submitted to the court today it is unclear if the Supreme Court will make it public. The court on Tuesday directed the government to reveal the account holders' names by Wednesday, saying government doesn't need to do anything other than pass on the information for the apex court to pass orders for further probe. There is a Supreme Court appointed Special Investigation Team (SIT) probing into black money stashed away in foreign accounts.

A bench of Chief Justice H.L. Dattu, Justice Ranjana Prakash Desai and Justice Madan B. Lokur told Attorney General Mukul Rohatgi that the government need not do anything but just disclose the names to the court and it will decide whether the matter should be investigated by the income tax authorities or by the Central Bureau of Investigation.

As Rohatgi said that the veracity of the disclosed accounts is being investigated by the income tax authorities, Chief Justice Dattu said: "Why do you want to have the trouble of investigating. You give it to us. We will direct the CBI or the income tax authorities to undertake investigation in a month's time."

"We don't want the money that belongs to this country to go outside," he added.

"I have the list of 500 names, some of them are very sketchy," Rohtagi told the court trying to hold his ground.

"First give us the names, we will get them investigated. Not just one, two or three (names), give us in a sealed cover what you have got from French, German and Swiss governments," the court told Rohatgi, wondering why the government was having "protective umbrella" for the account holders.



End of updates on 28 October

6.00 pm: There's no setback, we will reveal names: AG Mukul Rohatgi

Speaking to Times Now, Attorney General Mukul Rohatgi said that the government has decided to submit the names on the black money account holders list.

The AG added that this was hardly a setback as the government was ready, from day 1, to submit all the names but it was the treaty of confidentiality that was preventing them from reveal all the names.

An element of confidentiality is crucial when it comes to foreign bank accounts. "All of those on the list may not have illegal money. But by revealing all the names we are interfering with their privacy and hence jeopardizing the treaty," Rohatgi added.

Expanding on this, Rohatgi told Times Now that Supreme Court was told during the proceedings of the case that the top court will be responsible if in future transactions with these countries are in jeopardy.

Meanwhile, Aam Aadmi Party chief Arvind Kejriwal welcomed the top court ruling and said that there is no way out for the BJP government.

5.48 pm: BJP govt making lame excuses over issue, says Ajay Maken

Slamming the Modi-led government over delaying the process of recovering black money, Maken said that the it was coming up with lame excuses.

"The government had made many promises to bring back black money. But now it is making lame excuses," Maken said.

He said that all those who are involved in stashing black money abroad should face strict action.

5.44 pm: Cong welcomes SC directive to BJP govt, says Congress' Ajay Maken

The Congress slammed the BJP-led NDA government after the Supreme Court directed the government to present before it the list of foreign bank account holders.

Congress spokesperson Ajay Maken said, "They had said that the Congress will be embarrassed by the black money list. They went from black money to black mailing."

"The Congress party welcomes the Supreme Court directive to the government. Not just this, like Baba Ramdev had said they should get the 50,000 names and deposit Rs 15 lakhs to every Indian's bank accounts after recovering black money," Maken said.

5.37 pm: Govt has no problems in sharing list with SC, says Arun Jaitley

After an SC direction to reveal all names in the black money list, Finance Minister Arun Jaitley said that the government will place the list with the court on Wednesday.

"The government has no problem whatsoever about revealing the list to the court," Jaitley said and added that the BJP-led government has no intention of protecting those on the list.

"We have no issue with agency probing the case," Jaitley said after the Supreme Court rapped the government for not revealing all the names on the black money list.

"We had already put out the list to the government appointed SIT. But whether the names will be revealed to the public is the court's decision," Jaitley said.

4.40 pm: SC raps Modi-govt, tells them to submit all names by tomorrow

In a huge setback to the Modi government, Supreme Court ordered the central government on Tuesday to reveal all the names of black money account holders by Wednesday.

Supreme Court slams the central government for trying to protect black money account holders in Swiss Banks.

According to reports, the Chief Justice of India while passing the order told the attorney general Mukul Rohatgi, "Dont tell us to modify our earlier orders."

The apex court in a snub to the BJP government, told them not to put a protective umbrella for black money account holders.

"You do not have to take interest in people (having foreign bank accounts), SIT will take care of it. We can't leave the issue of bringing back black money to government. It will never happen during our time," top court told the government on Tuesday.

Making it clear that a new regime cannot dictate terms of modifications to the court, the top court told the petitioner, "You do not do anything. Just pass information of account holders to us and we will pass order for further probe. New regime at Centre can't ask modification of order when it was passed in an open court and accepted by the government."

4.00 pm: Kejriwal to file fresh affidavit n SC

Accusing the Swiss bank account holders of having close ties with both the Congress and the BJP, AAP chief Arvind Kejriwal today told Times Now that he will file a fresh affidavit in the Supreme Court in which he will disclose at least ten names having illicit wealth in foreign bank accounts.

If BJP discloses all black money holders' names, then who will give them money to fight elections in some states and buy MLAs in others? — Arvind Kejriwal (@ArvindKejriwal) October 28, 2014

2.00 pm Don't own any accounts in Switzerland or Germany, says Radha Timblo

Ending her silence on the black money issue, Goa-based mine owner Radha Timblo today clarified that she does not own any accounts in either Switzerland or Germany.

In an interview to NDTV, Timblo said that she has no political affiliations and that making an official political donation is not a crime.

"'My conscience very clear, we paid all taxes. There are no undisclosed bank accounts in India or abroad, she said.

Data provided by Association of Democratic Reforms (ADR) and National Election Watch (NEW) shows Timblo had donated Rs.1.18 crore to the BJP and Rs.65 lakh to the Congress from 2004-12.

Disclosures by Modi govt is selective blackmail, says Goa Cong

11:46 am Opposition Congress in Goa has termed Narendra Modi-led Bharatiya Janata Party (BJP) government's disclosure of names of those allegedly holding illegal money abroad as "selective blackmailing of a few people", and dared Centre to reveal all names on the list at once.

"We dare Modi government to disclose in one slot all the 700 names which are in the list as claimed by BJP," Goa Pradesh Congress Committee Spokesman Sunil Kawthankar said today.

"We want central government to come out with entire list and chargesheet it. Why government is trying to come out with selective list?," he questioned. Kawthankar alleged that central government is releasing the list as per its "convenience". Claiming that the revelation is mere an "eye-wash", the spokesman said that Congress was closely monitoring the action of the Modi-led BJP government.

Cong denies close ties with mining magnate Radha Timblo

09:16 am Goa Foundation, which had approached the Supreme Court against illegal mining in the state said that the mine owner named in the first list of people who allegedly parked money abroad should be blacklisted from the mining business.

"As far as I know, the consequence of finding the mine owner's name in the list of those who parked black money abroad should be that she should be blacklisted from conducting mining operations," said Goa Foundation's Director Claude Alvares. "I don't know under which law or constitution she would be allowed to mine again in Goa," Alvares said.

The CBI list submitted to the Supreme Court has named three people including Goa-based mine owner Radha Timblo for parking money in Swiss banks. Timblo has refused to comment stating that she is yet to read the affidavit filed before the Supreme Court. Alvares said that this is only the first case and there are several cases of miners and private companies who have parked their money abroad. He said that the Reserve Bank of India (RBI) has not allowed any mine owner to deposit money abroad.

Radha was earlier named along with her son, Chetan Timblo, for illegally taking over mines belonging to Badrudin Bavani (Mawani) in the Supreme Court's central empowered committee report on illegal mining in Goa.

She was indicted by an apex court committee in 2012 for illegally operating a mining lease with a questionable power of attorney executed by a Pakistani national. The apex court's Central Empowered Committee (CEC) which was probing several aspects of Goa's illegal mining scam, in its report to the Supreme Court said that the Timblo's company had been operating a mine in the name of a foreign national, which is a violation of the Mining Concession Rules, 1960. The CEC probe was ordered by the apex court on the heels of the Shah Commission report which in 2011 uncovered a Rs35,000-crore scam in which politicians, bureaucrats and nearly every big mining company, including Timblo Private Limited, was linked.

According to a report in the Business Standard, the Timblo family is close to the Congress and its net worth will easily be more than Rs 1,000 crore. However, the Congress on Monday denied its Goa unit or its leaders of having any connection with mining magnate.

Congress spokesperson Sunil Kawthankar told a press conference at the party's state headquarters: "Instead of this selective targeting, the government should come up with a complete list of people with black money and charge-sheet them."

When asked if Timblo was a member of the party or had links with Congress politicians, Kawthankar said: "She is not a member of the party and I am not aware as to who is linked to what."

Timblo Pvt Ltd donated 9 times to BJP and thrice to INC Between FY 2004-05 and 2011-12



08:29 am Radha S. Timblo, managing director of a Goa-based mining company, and bullion trader Chamanbhai Lodhia of Gujarat, two of the three businesspersons accused of stashing black money abroad, have donated money to the BJP and Congress, according to watchdog NGOs.

While Timblo, head of Timblo Pvt Ltd, had donated Rs.1.18 crore to the BJP and Rs.65 lakh to the Congress from 2004-12, Lodhia donated Rs.51,000 to the BJP, according to the Association of Democratic Reforms (ADR) and National Election Watch (NEW).

The details of the donations made by the companies, according to a press statement, have been sourced from the list of political donations listed on the Election Commission web site.

"An analysis of the donations made by individuals and corporates to the national parties between 2004-05 and 2011-12 shows that Timblo Pvt Ltd ... donated nine times to the BJP amounting to Rs 1.18 crore and thrice to the Congress, amounting to Rs.65 lakhs in seven years," the statement said.

Timblo Pvt Ltd is one of the many mining companies accused of carrying out illegal mining by the Justice M.B. Shah commission, which exposed a Rs.35,000 crore illegal mining scam in the state.

Speaking to reporters earlier Monday, Timblo said she needs to study the government's affidavit to the apex court before commenting.

"I will have to study the affidavit first," she said, when asked for her comment, and added that she will give her reaction to the Supreme Court.

In Gujarat, Lodhia claimed innocence even as he complimented Prime Minister Narendra Modi for the drive against black money.

"I am nothing compared to big people who could be (having) black money. I can say that I have no Swiss bank account. I believe that accounts of big politicians should be taken to task," he told the media in Rajkot.

"Though my name has come into this, I want to say that Narendra Modi has taken (the) best step. I will totally cooperate with the government and share all the details. I am innocent," he said.

According to the ADR-NEW statement, there are a total of 13 electoral Trusts, only seven of which have been approved by the Central Bureau of Direct Taxes (CBDT) because they were formed after the CBDT rules governing electoral trusts were notified Jan 31, 2013.

The seven trusts formed after the CBDT rules came into effect are required to submit details of their donations to the Election Commission.

The remaining six formed before the CBDT rules came into existence are not required to do so. These six trusts have donated more than Rs 105 crore to national parties between 2004-05 and 2011-12. Details of these donations are not known. (IANS)

07:23 am The Supreme Court will continue hearing the black money case today.

The central government on Monday revealed the names of three people who have black money stashed abroad in its affidavit to the Supreme Court. The much-awaited list did not include names of any politician, but more disclosures are possible if the government finds evidence of illegality in any of the 700 accounts whose details were handed over to it by French and German authorities.

Those named are prominent industrialist and scion of the Dabur Group Pradeep Burman, Rajkot-based bullion trader and realtor Pankaj Chimanlal Lodhiya and Goa-based mining firm Timblo Pvt Ltd and its five directors. The information on Burman had been secured from the French, while on others the sources were "other countries", the apex court was told.

There was also some political posturing.

"The government has to answer a lot of questions. There is a reluctance on its part to give out all the names. This shows the government lacks the political will and determination to fulfil its election promises," Communist Party of India (CPI) National Secretary D. Raja said.

He said this was crucial since Finance Minister Jaitley had said that some names will embarrass the Congress Party. "What has happened to those names? Why are the names of politicians not being revealed?" he asked.

Congress also joined in with spokesperson Sanjay Jha saying the action Monday was in stark contrast to the BJP's election manifesto that had promised to bring back black money speedily.

"The BJP had promised to bring back black money in 100 days if they came to power. During the campaign for general election they had promised people to reveal all names who had put illegal money in foreign banks," Jha said.

Senior Congress minister Salman Khurshid said cherry-picking names on the list was wrong and immoral. "The government should disclose all the names on the list to the court as per law," Khurshid said.

India has no official estimates of illegal money stashed away overseas. But the unofficial ones range from $466 billion to $1.4 trillion.

Industry did not react, but a day before the affidavit, leading chamber Assocham had Sunday said premature disclosure of names of Indians with allegedly illegal bank accounts abroad will hurt India's battle against black money.

End of updates of 27 October

9.00 pm: Sonia and Rahul Gandhi on list, says Subramanian Swamy

BJP leader Subramanian Swamy alleged that names of Congress chief Sonia Gandhi and vice-president Rahul Gandhi are on the infamous list of those who have stashed away illicit money in Swiss banks.

According to a report in the DNA, the senior leader said he had written to the finance ministry about the same.

"I have written letter to the Finance Ministry and the Commission on black money that Rahul Gandhi and Sonia Gandhi have black money stashed abroad. But no action has been taken. At least eight former cabinet ministers of the Congress are on the list."

8.30 pm: Arvind Kejriwal tells BJP to take stern action against the accused in black money case

AAP chief Arvind Kejriwal on Monday during a press conference asked BJP to reveal all the names mentioned in the black money list. Speaking to the media, the former chief minister of Delhi said that BJP is behaving exactly like the previous UPA government who had not revealed the names of all those who were accused of stashing illegal cash in Swiss banks.

The AAP convenor added that in 2012, he along with Prashant Bhushan, had released a list of illegal account holders and Pradip Burman had featured in that list as well. Kejriwal added that this validates AAP's doubts and they would want the government to release all the names.

Interacting with the media, Kejriwal added that the BJP spent spent thousands of crores of rupees in its election campaign for the Lok Sabha elections and on Maharashtra and Haryana assembly elections. "People suspect whether the list contains names of those who provided funds for the election campaign," AAP said in a statement.

Demanding action from Modi, the Aam Aadmi Party demanded that the BJP government should immediately disclose the names of all account holders, complete investigations in all cases in a time bound manner and take strictest action against those who are guilty.

8.18 pm: Lodhiya, Timblo had made donations to both Cong and BJP, say reports

A few more skeletons tumbled out of the closet in the black money case. According to NDTV reports black money holders Radha Timblo's company Timblo Private Limited and Pankaj Lodhiya had donated money to both the BJP and the Congress.

NDTV reported that Timblo donated Rs 1.18 crore to BJP and Rs 65 lakh to the Congress. Meanwhile Lodhiya donated Rs 51,000 to the BJP.

7.22 pm: Govt should avoid 'political titillation', says Congress

Advocating that there was a need to look at the issue with broader perspective, party spokesman Abhishek Singhvi said "Congress' stand is clear and remains unchanged. It is not an occasion for press sensationalisation and political titillation.

"They are the government. They control ministries and departments. They should act....Do not play games."

Replying to questions about names of Congress leaders figuring in the list, Singhvi said "if there is a name, the individual concerned will answer it and it is not proper to take names from the podium of party office".

He said the larger question is where is the 55,000 names as promised by Yoga guru Ramdev and tonnes of money projected by them, reported PTI. He dismissed the whole campaign of BJP on the issue of black money as "much ado about nothing".

Wondering whether they have been able to bring back even Rs 55 from the 55,000 names they were claiming, he asked as to why the names have not been made public.

5.39 pm: Steps taken by govt good, but I'm not guilty, says Lodhiya

Denying allegations of holding black money against him, Pankaj Lodhiya told CNN-IBN that he did not know how his name turned up on the list.

"God knows how my name turned up on the black money list. I don't have a Swiss Bank account," Lodhiya said.

However he did say that he was served with a I-T notice earlier. He said that, "I am a simple Gujarati businessman. I have followed all rules and regulations."

But he said that harsh steps taken by the government were good. But he said, "I am not one of them."

4.58 pm: Cong, BJP not revealing all names, alleges Arvind Kejriwal

AAP chief Arvind Kejriwal on Monday alleged that the BJP and the Congress were on purpose not revealing big names involved in the black money case.

Addressing the media Kejriwal said, "We had revealed all the three names related to black money disclosed by the government two years ago. We demand action against all the people involved in black money and illegal bank accounts."

He also alleged, "The Congress and the BJP are not revealing all the names in the black money case."

4.05 pm: Nitish Kumar slams Modi govt, says it shows party's 'black mind'

Janata Dal (United) today made a scathing attack on the Narendra Modi government over its affidavit on black money saying it reflected BJP leaders' "black mind" and mocked the party as "Bhrasht Jhoothi Party".

"Kale dhan par BJP ka rukh unke kale maan ko dikhata hai (The approach of BJP on the issue of black money reflects black mind of its leaders)," senior JD(U) and former Bihar chief minister Nitish Kumar said on his Facebook account.

He has also lampooned the PM and his predecessor Manmohan Singh through pictures to drive home his point.

"The party which had sought votes in the general election on the issue of corruption and black money during its five month tenure has come out with only three names which also they are not confirming," Kumar, a known rival of Prime Minister Modi, said reacting to the Centre's affidavit before the Supreme Court in the black money case.

"Kya is desh mein kewal teen logo ke pass kala dhan hain (do only three persons in the country have blackmoney)?" he said in his sarcastic comment.

3.55 pm: Ex-UPA minister Preeneet Kaur denies holding overseas account

Former UPA minister Preeneet Kaur after receiving an I-T notice said that she had no overseas bank account in her name.

NDTV reports quoted her as saying, "I strongly deny allegations of holding foreign accounts. I have no account in my name."

3.21 pm: Will have to read affidavit before reacting, says Goa miner Timblo

Goan mining magnate Radha S Timblo, who has been accused by the Centre of stashing black money in Swiss banks, said that she needs to study the government's affidavit to the apex court before commenting.

"I will have to study the affidavit first," she said when asked for her comment, and added that she will give her reaction to the Supreme Court.

Timblo, runs Timblo Pvt Ltd from Goa, one of the many mining companies accused of carrying out illegal mining by the Justice MB Shah commission, which exposed a Rs 35,000 crore illegal mining scam in the state.

2.30 pm: Jethmalani slams govt, says SIT should be probing issue

Senior lawyer and politician Ram Jethmalani has slammed the government over the black money probe saying the Narendra Modi government's approach to the issue was wrong.

Jethmalani told CNN-IBN, "SIT should be probing black money not the government. Why is the government getting involved in the probe?"

2.00 pm: Cherry picking is wrong and irresponsible, alleges Khurshid

Senior Congress minister Salman Khurshid today told CNN IBN that cherry-picking names on the black money list is not only wrong but also immoral. "The government can disclose all the names on the list to the court as per law," asked Khurshid.

The government needs to make it clear tot he public what its responsibility is, Khurshid added. He did, however, agree that legally it is very difficult to name an account holder, unless the person is being prosecuted and taken to court.

The central government on Monday disclosed names of three people, including Pradeep Burman, who are holding bank accounts in foreign countries and are now under the lens of Income Tax authorities.

The names are: Pradeep Burman, Pankaj Chimanlal Lodhiya, and Timblo Private Limited and its director Radha Satish Timblo and others.

The government in an affidavit on Monday said it has no intention to hold back any information or the names it has received from the foreign governments of Indian citizens holding undisclosed accounts in foreign banks.

The government also said that soon after assuming the office it has set up the special investigation team to probe the flight of black money to the tax havens as ordered by the apex court.

1.30 pm: Dabur denies any wrong doing by former executive director Pradip Burman

Dabur, one of India's top consumer goods companies, has said in a statement that Burman's account is legal and that it is "unfortunate" that every foreign account holder is being painted with the same brush.

"We wish to state that this account was opened when he (Pradip) was an NRI, and was legally allowed to open this

account," a Dabur spokesperson said in a statement. "We have followed all the laws and the complete details

regarding the account have been voluntarily, and as per law, filed with the Income Tax Department, and appropriate taxes paid, wherever applicable," he added.

Pradip Burman currently holds no position in the homegrowm FMCG major although he was once a Whole Time Director of Dabur India.

Regretting that there was a lack of differentiation between legal and illegal foreign bank account holders, the

spokesperson further said: "It is unfortunate that every person having a foreign bank account is being painted with the same brush."

"The Burman family is committed to the highest standards of corporate governance, and encourage ethical behaviour at all levels," the spokesperson added.

1.00 pm: Dabur stock falls 9 percent

Shares of Dabur India fell sharply by 9 percent in early trade today after one of its promoters Pradip Burman was named by the government in the affidavit related to black money case filed in the Supreme Court. Reacting to this, Dabur India's stock tumbled 8.98 percent to Rs 196.40 on the BSE. On the NSE, it slumped 8.94 per cent to Rs 196.55. However, later the stock recovered some of the lost ground but was still trading 3.71 percent lower at Rs 207.80 on the BSE at 1300 hours.

I have no Swiss account, says Pankaj Lodhiya

Pankaj Lodhiya also denied any wrongdoing. "I do not have any Swiss account. I have declared all assets and I have not been served any notice," he said today.

More names are likely to be revealed "as and when prosecution is launched".