Panama Papers: IT department detected Rs 19,000 crore black money, says Arun Jaitley

Finance Minister Arun Jaitley said investigations into information, put into public domain by the ICIJ, pertaining to about 700 Indian persons allegedly linked to offshore entities based in no tax or low tax jurisdiction, have led to detection of more than Rs 11,010 crore of credits in undisclosed foreign accounts.

By: PTI | New Delhi | Updated: July 21, 2017 6:26 pm
 Panama papers, Arun Jaitley, Black money, Tax evasion New Delhi: Union Minister Arun Jaitley during the proceedings of the Lok Sabha in New Delhi on Friday. (PTI Photo/TV GRAB)

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, the government said on Friday. Finance Minister Arun Jaitley said investigations into information, put into public domain by the ICIJ, pertaining to about 700 Indian persons allegedly linked to offshore entities based in no tax or low tax jurisdiction, have led to detection of more than Rs 11,010 crore of credits in undisclosed foreign accounts.

“72 prosecution complaints in 31 such cases have been filed before the criminal courts,” he informed the Lok Sabha.

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.

He further said 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,” Jaitley pointed out. 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.

Replying to a query, whether the government has made any assessment of black money stashed by Indians in foreign countries, Jaitley said there is no official estimation of that.

However, he said, the government had commissioned a study on estimation of unaccounted income and wealth inside and outside the country to be conducted by NIPFP, NIFM and NCAER.

“The reports of these institutions and the government’s response on the findings in the reports would be placed before the Standing Committee on Finance shortly,” he added.

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  1. G
    GPS
    Jul 22, 2017 at 8:30 pm
    Names not being disclosed as that would embarrass the BJP Govt !!
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    1. J
      Jeevan
      Jul 22, 2017 at 12:47 pm
      Sonia and Rahul is not in that list also, otherwise BJP would have definitely publishes the name. so where is the money that they amassed as claimed by BJP before the 2014 election?
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      1. D
        Deshbandhu
        Jul 22, 2017 at 10:44 am
        This is a lollipop display by BJP. even Pakistan has started action on Panama papers but BJP is playing gau Raksha politics only. NO Bhakt remembers that during elections Modi begged people to vote for him and give him 100 days to bring back Black Money from foreign countries and was supported by Anna Hazare and Ramdev Baba. When they understood that they cannot do anything that will expose BJP too, BJP's masterstroke of demonetization and protected the mighty and powerful and killed small fishes and common citizens. Unaccounted Black money of BJP friends was white washed and stacked safely. Now the second strike is linking Aadhar and PAN card to fill in the government treasury at the cost of the common man and to cover up the government's economic failure and GDP figures. Indian Citizens are fooled by the Gau Maas politics and lynching by the paid saffron terrorists and paid media. No one can think or see that no real development is done. The Opposition too is a failure to expose.
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        1. K
          Kannan
          Jul 22, 2017 at 7:03 am
          PANAMA PAPERS - INR19000 Crores detected - The present government continues t demonstrate that it has NO POLITICAL WILL nor ABILITY to minimsie corruption, prosecute the guilty and RECOVER (SEIZE) LOST REVENUE STOLEN ASSETS. What a STATEMENT OF IGNORANCE from the PM? Will the Mallya, Reddy the Bengaluru mining baron, Lalit Modi, Maran, Vyapam accused be in jail within the next 6 months? Will RBI declare that RS200,000 crores of money flowed into the bankign system after the Demonetisation - that is the minimum for the sacrifice the people made. The government is taking their win in the next Lok Sabha election for granted. SHAME on the NDA. You have failed on this front.
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          1. A
            ARC
            Jul 22, 2017 at 6:39 am
            Shahrukh Khan SRK has donated a lot to Pakistan and I do know that he has so much love for Pakistan and he is partly Pakistani for his loyalty and sympathy to Pakistan. Dawood was an Indian and the moment he needs to run after blasting Mumbai as a terrorist he goes to Pak. What do you think SRK will do when he has to run? He will go to his native Pak. SRK has acted in so many movies. He has a long career. In how many movies, did SRK have played the role of an Army-Man or special agent who fought against Ppaakistan's conspiracy? None. In Veer-Jara he just played an officer who fell in love with a Pakistani girl. In Main hoon Na, he didn't fight against any Pakistani agent, instead faught an extreme Indian ex-soldier. Actualy, SRK rejects any movie where he is to play against Pak. No wonder all Muslims in India will always be Muslim first and Indian never.
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