Multi-Agency Group set up by govt for expeditious and coordinated investigation of various categories of foreign asset cases

A Multi-Agency Group consisting of representatives from various enforcement Agencies and Organizations has been set up by the Government for expeditious and coordinated investigation of various categories of foreign asset cases like Panama paper leaks, Paradise paper leaks and the recent Pandora paper leaks.

Informing this to the Lok Sabha,  Finance Minister Nirmala Sitharaman said there is no official estimate of the amount of money deposited by Indian citizens and companies in Swiss banks.   In a written statement, Finance Minister, however, said certain recent media reports have stated that funds of Indians in Swiss Banks have risen in 2021 as compared to 2020. She said these media reports have also mentioned that these deposits do not indicate the quantum of the alleged black money held by Indians in Switzerland.

The Finance Minister said a number of concrete and proactive steps have been taken by the Government to bring to tax the undisclosed foreign assets and income in the recent past. She said as on 31st of May this year on account of deposits made in unreported foreign bank accounts in HSBC cases, so far, the undisclosed income of more than 8468 crore rupees have been brought to tax and a penalty of more than 1294 crore rupees levied.

Ms Sitharaman said as the 31st of May this year assessments under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 have been completed in 368 cases, raising a tax demand of over 14,820 crore rupees. She said 648 disclosures involving undisclosed foreign assets worth 4164 crore rupees were made in the one-time three months compliance window, which closed on 30th September 2015, under the Black Money (Undisclosed Foreign Income and Assets) and imposition of Tax Act, 2015. The amount collected by way of tax and penalty in such cases was about 2476 crore rupees.