The government says it has no estimate of how much black money is in foreign accounts
New Delhi:
The government says there is no official estimate of the amount of black money sitting in offshore accounts over the past five years, although Rs 2,476 crores were collected as taxes and fines during the one-time three-year compliance period. month in 2015.
State Finance Minister Pankaj Chaudhary said in a written response to a question during Question Hour in Rajya Sabha that as many as 648 disclosures related to undisclosed foreign assets worth 4,164 Rs crore was taken during the three-month one-time compliance period closed September 30, 2015 under the Black Money (Undisclosed Foreign Income and Assets) Act and the Tax Imposition Act, 2015.
He further informed that the amount collected under the calculation of taxes and fines in such cases is approximately Rs 2,476 crore.
“There is no official estimate of the amount of black money in offshore accounts over the past five years,” Chaudhary said in a written reply.
He was answering a question about the details of black money brought back to India from abroad between 2014 and 30 November 2021 (year and country wise).
Bringing back black money stored abroad is one of the key exploratory plans of the current government led by the BJP, which came to power in May 2014.
The minister said undisclosed income of more than Rs 8,466 crore had been taxed and a fine of more than Rs 1,294 had been levied on deposit accounts in unreported offshore bank accounts in the “HSBC case”. ” hitherto.
Mr Chaudhary said that ongoing investigations conducted into cases disclosed by the International Organization of Investigative Journalists (ICIJ) had resulted in the discovery of more than Rs 11,010 crore of credits in accounts. foreign is not disclosed so far.
Regarding the question of action against individuals and companies whose names have been published in the Panama Papers so far, he said a total of undisclosed credits of up to Rs 20,353 crore have been issued. currently involved 930 entities linked to India in the Panama and Paradise Leaks.
“The taxes collected so far amount to Rs 153.88 crore in the Panama and Paradise Paper Leak. In addition, in the 52 Panama and Paradise Paper Leak cases, criminal prosecution complaints have been filed. under black money behavior In addition, 130 cases have been initiated the Minister said in response.
Mr. Chaudhary added that the government has taken various steps against black money stored abroad which has led to positive results.
Multi-party mode to proactively share financial information, set up a special investigation team (SIT) on black money in May 2014, enacted a new strict black money law effective from July 2015 is one of the measures taken the Minister added.
The government has taken active and effective steps whenever it receives any credible information regarding black money stored abroad, whether in the HSBC cases, the ICIJ case, Ho Chi Minh City, etc. The Paradise Papers or the Panama Papers.
These steps include forming a multi-agency team in relevant cases, soliciting accurate information from foreign jurisdictions, bringing black money to tax under relevant laws, prosecuting cases to violators, he said.
