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Ramdev urges government to expedite process of bringing back black money

All this talk of black money is plain racist. Why should illegal money be black and legal money, white? — Pritish Nandy (@PritishNandy) October 29, 2014

Mein kabhi ruka nahi, jhuka nahi, bika nahi. We will make sure #BlackMoney comes back to India — Swami Ramdev (@yogrishiramdev) October 29, 2014

NEW DELHI: 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.I-T authorities to begin probe against 90 names from Mumbai"The entries reflect small amounts, ranging between Rs 5 crore and Rs 10 crore. Even if the government is able to take drastic measures and freeze the accounts taking the money to be illegal, there would be hardly anything left in the accounts given the lapse of time and the warning signals that had gone to them since 2011 when the apex court had rendered the judgment constituting the special investigation team headed by former SC judges," they said.The sources said the account entries being old, and if the account holders have emptied their accounts, the government would be able to recover very little even after freezing them in cooperation with Swiss authorities, which too was a remote possibility.Whatever little the government would be able to recover from these 350-odd account holders was because of the amendment to the assessment rules extending the assessment time limit from 6 years to 16 years, they said.