Tax recovery process begins against Swiss account holders: Arun Jaitley

Tax proceedings have begun against Swiss bank account holders, Finance Minister Arun Jaitley told the Lok Sabha on Friday. He said that the SIT was getting details of the accounts.

Responding to a query from BJP member Anurag Thakur during a discussion on the Union Budget , Jaitley said: "Tax proceedings have begun...a Special Investigating Team (SIT) is going into it."

Referring to a media report of a separate list of account holders, the minister said that the Swiss authorities denied the presence of such a list.

Jaitley said that the government was in the process of communicating with the Swiss authorities. "(the) present government has nothing to hide," the finance minister said, adding that the issue of black money had been taken up "with some element of intensity".