The government has launched prosecution against as many as 60 illegal overseas bank account holders, while penalty proceedings against 350 other account holders have been initiated, Jaitley said.
Apart from these accounts, Jaitley said, the revenue department is in touch with the informants for more names.
"let me clarify in the first round these names which were of HSBC Bank, all these names were not of (all) Swiss banks but of one bank HSBC...In that connection the Government of India and the Revenue Department they did some communications at that time (4-5 years ago). These were details of 628 accounts," he said.
In the list, there were some entries with only names, while some accounts were identifiable and some were not, he added.
"In the last 7-8 months, there has been vigorous efforts on this and in this effort there are three aspects... We have identified many names. In some cases, which are quite general in nature, where verification of address and details are difficult so the process is on."
Jaitley said that out of 628 account holders named in the previous HSBC list, assessment in case of about 350 has been completed and the process of imposing penalty has been initiated.
"Remaining assessment would be completed by March 31, 2015," he said, while adding that legal action would be taken against law violators.
Jaitley said that 60 prosecutions have been launched so far and the "names have been made public in cases where prosecution has been initiated."
All of the account holders may not be illegal as some had disclosed their overseas business dealing to tax authorities while some others on the list were NRIs, he said.
Jaitley further said that the government had sent a delegation to hold talks with Swiss authorities in October last year, as the evidence to proceed in the suspected cases were in Switzerland.
"Switzerland had maintained that since these accounts names have been based on stolen data, the Swiss policy is that they don't cooperate on stolen data... On October 15, a joint agreement was signed," he said.
"last month when I went to Davos (Switzerland), their finance minister and economy minister and their revenue officials met me, and with them, we raised the matter further because in our assessment proceedings, there are some cases in which people have made admissions (about having accounts)," he said.
"The question arose whether admission by an assessee will be regarded as an additional evidence, to which they (Swiss government) said it would be regarded as evidence. Now, in all these cases...Penalty and prosecution is one way of convicting the account holders and taking the amount back from them... that process is now on," he added.
