Indian SC Hammers Govt on Black Money

In another round of sparring over billions of dollars of "black money" stashed away in safe deposit boxes and foreign bank accounts, the Supreme Court again blasted the government for dragging its feet in prosecuting offenders and recovering lost tax revenue, reports the Indian Express. The anger and frustration of the land's highest court was evidence, as the bench cut short the lawyer representing the government with a bray of disgust. "What the hell is going on in this country?" the court demanded.

The main reason for the court's ire is a case involving businessman Hasan Ali Khan, who the Enforcement Directorate has alleged has around $8 billion stashed in foreign banks and owes some $11 billion in taxes.

But it's not just Hasan. As I pointed out in "India's black money trail" for GlobalPost this January, Indians have reportedly stashed more than $450 billion abroad–a whopping 35 percent of the country's total gross domestic product–yet the government has refused to divulge the names of 26 alleged tax evaders with illegal foreign accounts.

According to the Express, "The court castigated the government for failing to interrogate Khan and other alleged offenders despite having sufficient material in the possession of investigators."