Rs. 19000 Cr. Black Money Found Abroad

India detects Rs 19000 crore black money

(The Stellar News) The Income Tax department has detected over Rs 19,000 crore in black money following investigations into global leaks including HSBC account holders in Switzerland.

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In a written reply in the Lok Sabha, Finance Minister Arun Jaitley has said that investigations into information, put into public domain, pertaining to about 700 Indians; allegedly linked to offshore entities under no tax or low tax jurisdiction, have led to detection of more than Rs 11,010 crore of credits. Finance Minister Arun Jaitley also said that Seventy two prosecution complaints in 31 such cases have been filed before the criminal courts. The Government constituted a multi-agency group (MAG) in April 2016 for facilitation co-ordinated and speedy investigation in the cases of Indian persons allegedly having undisclosed foreign assets and whose names were reportedly included in Panama papers leak.

Finance Minister Arun Jaitley  has stated that information on 628 Indian persons holding bank accounts in HSBC bank in Switzerland was received from the government of France under the Double Taxation Avoidance Convention (DTAC) between India and France.

“As a result of systematic investigation in these cases, undisclosed income of about Rs 8,437 crore was brought to tax till May 2017. Besides, concealment penalty of Rs 1,287 crore was levied in 162 cases and 199 criminal prosecution complaints were filed in 84 cases”

He noted however that the information received under the tax treaties can be used for tax purposes and its disclosure is governed by the confidentiality provisions of such treaties.

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