The target of the recovery of Rs. 10 thousand crores from the Swiss bank accounts has already reached half way with the recovery of Rs. 3500 crore. Supreme Court appointed the SIT (Special Investigation Team) and ordered the Income Tax Department to recover Rs. 10000 crore from the Swiss Bank by the end of March.
According to the sources, under the supervision of SIT, the Income Tax department had already managed to recover the huge sum of Rs. 3500 crore from the account holders. These recoveries are expected to be done by 300-odd Indians who have evaded the tax and holding the illegal accounts in Swiss Bank. “There are around 300 Indians who have illegal accounts in the Swiss Bank. Although we have recovered around 3500 crores but since these are old accounts the assessment proceedings have to be completed before 31st March,” said SIT vice-chairman Justice Arijit Pasayat.