Ministry of Finance Reports 652 Black Money Cases and 163 Prosecutions

Ministry of Finance has informed that, by the end of last fiscal year, about 652 cases raising demand of more than Rs 17,000 crore and 163 prosecutions have been launched under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act. 

In a written reply in Lok Sabha, Minister of State for Finance Pankaj



Chaudhary said, 648 disclosures involving undisclosed foreign assets worth more than Rs 4,000 crore were made in a one-time three-month compliance window under this act between July to September 2015. He added, that the amount collected by way of tax and penalty in such cases was around Rs 2500 crore.