HSBC, ICIJ list: Income Tax department detects Rs 16,200 cr black money

"The government is, however, committed to taking all possible measures to bring back black money stashed by Indians in foreign countries," he said.

By: PTI | New Delhi | Published:February 7, 2017 9:00 pm
black money, Arun jaitley, Jaitley black money, HSBC ICIC black money, Union Finance Minister Arun Jaitley (File Photo)

Over Rs 16,200 crore in black money has been detected by the government after investigations on global leaks about Indians stashing funds abroad, Parliament was informed on Tuesday. “As a result of systematic investigations, undisclosed income of about Rs 8,200 crore (including protective assessment of income of Rs 1,497 crore) has been brought to tax in last about 2 years on account of deposits made in unreported foreign bank accounts in HSBC. “Further, about Rs 8,000 crore of credits in the undisclosed foreign accounts of Indians, whose names were disclosed by the International Consortium of Investigative Journalists (ICIJ), have been detected,” Finance Minister Arun Jaitley said in a written reply to the Rajya Sabha.

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There is no official estimation of quantum of black money stashed abroad by Indians, he said. “The government is, however, committed to taking all possible measures to bring back black money stashed by Indians in foreign countries,” he said. The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (The BM Act) was enacted to specifically and effectively tackle the issue of black money stashed away abroad, the minister said.

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The BM Act provides for more stringent provisions of penalties and prosecutions in respect of black money stashed away abroad, he said. “Further, under this law, for the first time the offence of wilful attempt to evade tax, etc. in relation to undisclosed foreign income/assets has been made a Scheduled Offence for the purposes of the Prevention of Money-laundering Act, 2002 (PMLA),” he added. Jaitley also listed a number of measures that have been put in place by the government to curb the menace of black money.

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  1. M
    Mayur Panghaal
    Feb 7, 2017 at 5:26 pm
    so when are amitabh bacchan,aishwarya rai,ajay devgun,kp singh,burmans etc being prosecuted ?
    Reply
    1. P
      Pmg Pillai
      Feb 7, 2017 at 11:55 pm
      The team who detcted this huge amount deserve some rewad for their hinest work All required actionsmust be carried ut quickly in this conncetion dated wedneswdsay February 08th 2017 Time 0525hrs ist
      Reply
      1. S
        Sardar
        Feb 7, 2017 at 5:31 pm
        NDTV report February 18, 2011: lt;br/gt;lt;br/gt;BJP had appointed the task force on unravelling the amount of black money stashed by Indians in foreign banks and ways to bring it back.lt;br/gt;lt;br/gt;The four-member task force comprising S Gurumurthy, former IB director Ajit Doval, Professor R Vadiyanathan and advocate Mahesh Jethmalani has put the figure of money stashed in safe havens to be Rs. 25 lakh crore.lt;br/gt;lt;br/gt;On February 1, NDA leaders had released a booklet 'Indian Black Money Abroad in Secret Banks and Tax Havens', the second report of the task force appointed by the BJP.lt;br/gt;lt;br/gt;lt;br/gt;lt;br/gt;What happened?
        Reply
        1. S
          Shekhar
          Feb 7, 2017 at 3:54 pm
          Please remember that this bank is also a chinese item...
          Reply