<h1>India Investigates Foreign Bank Accounts Under Income Tax Act 1961 After Info From France; Confidentiality Ensured by Tax Convention.</h1> The Government of India received information from the French Government in June 2011 about certain foreign bank accounts held by individuals and entities. The matter was discussed in the Indian Parliament, with updates provided in December 2011 and August 2012. Indian authorities have analyzed the information and initiated investigations under the Income Tax Act of 1961, collaborating with foreign tax authorities for further details. Actions, including assessments, tax collection, and penalties, will be executed as per legal provisions. The information is protected by confidentiality under the Double Taxation Avoidance Convention between India and France, restricting its use to tax purposes.