Black Money: India get Swiss banks' data of hoarders

The taxman, simultaneously, has also initiated action to know the "source of income" of these entities so that any other instance of tax evasion linked to these accounts could be unearthed.

"While bank authorities in Switzerland did not extend help when the names of these account holders were sent to them under existing protocols of tax information exchange treaties, information was readily available when the account holder was himself or herself motivated to approach the bank to obtain his transactions history and balances," the sources said.

The Swiss government has been refusing to share details about the Indians named in the so called 'HSBC list', which was stolen by a bank employee and later found its way to tax authorities in various countries, including India.

There are similar instances with other banks too and successive Finance Ministers of the country have written to the Swiss government on concerns over this development.