Black Money
Money.Reuters File

The central government has initiated legal proceedings against the 60 Indians and entities, who have allegedly stashed black money in foreign accounts. Additionally their names too might be disclosed. 

"The disclosures of these names is part of the government's commitment to curb cases of black money and of illegal funds stashed abroad by Indians. The I-T department aims to get conviction in these cases very fast," PTI quoted its sources as saying.

The Income Tax department has concluded the investigation and filed prosecution complaints against the 60 people and entities, including corporates, business houses and other individuals, who will face tax evasion prosecution proceedings.

The accounts that are under scrutiny have black money stashed to the tune of ₹1,500-1,600 crore.

Following the directions of Special Investigation Team (SIT), which is handling the case of black money and illegal assets held by Indians abroad, the IT department began the probe and filed the complaints in various courts across India.

The IT department is speeding the procedures of all the cases, as by 31 March these cases will become "time barred". Due to this, legal action against any of them cannot be taken as the cases pertain to the period of 2008-2009.

In October 2013, the Centre had submitted the entire list of 627 account holders with illegal money stashed in HSBC Bank, Geneva, to Supreme Court. The apex court had ordered the government to submit the entire list and not just a few names.