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No official estimation of black money in foreign accounts: Centre
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There is no official estimation how much worth of black money is lying in foreign accounts over the last five years, however, Rs 2,476 crore has been collected as tax and penalty under the one-time three months compliance window during 2015, government said in Parliament on Tuesday.
New Delhi: There is no official estimation how much worth of black money is lying in foreign accounts over the last five years, however, Rs 2,476 crore has been collected as tax and penalty under the one-time three months compliance window during 2015, government said in Parliament on Tuesday.
As many as 648 disclosures involving undisclosed foreign assets worth Rs 4,164 crore were made in the one-time three months' compliance window closed on September 30, 2015 under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, Minister of State for Finance Pankaj Chaudhary said in a written reply in Rajya Sabha. He said the amount collected by way of tax and penalty in such cases was about Rs 2,476 crore. "There is no official estimation regarding the amount of black money in foreign accounts during the last five years. However, the government has taken various steps against the black money abroad which have led to positive results," Chaudhary said. He was responding to a query on details of black money brought back to India from foreign countries since 2014 till 30th November, 2021 (year and country wise), being asked by Members of Parliament Sukhram Singh Yadav and Vishambhar Prasad Nishad. Bringing back black money stashed abroad was one of the key poll planks of the current government led by BJP, which assumed power in May 2014.
The minister said that undisclosed income of more than Rs 8,466 crore has been brought to tax and penalty of more than Rs 1,294 crore has been levied on account of deposits made in unreported foreign bank accounts in "HSBC cases" so far. Sustained investigations conducted in the cases revealed by International Consortium of Investigative Journalists (ICIJ) have led to detection of more than Rs 11,010 crore of credits in the undisclosed foreign accounts so far, Chaudhary said.
With relation to a question on action taken against persons and companies whose names were published in Panama Papers till date, he said total undisclosed credits amounting to Rs 20,353 crore have been detected with respect to 930 India linked entities in the Panama and Paradise Paper Leaks. "Taxes collected so far amount to Rs 153.88 crore in the Panama and Paradise Paper Leaks. Further, in 52 cases of Panama and Paradise Paper Leaks, criminal prosecution complaints have been filed under the black money act. Besides, 130 cases proceedings have been initiated under the act.
