I-T dept detects Rs.19,000 cr black money following investigations into global leaks

Income Tax department has detected black money worth over 19 thousand crore rupees following investigations into global leaks including HSBC account holders in Switzerland. 

In a written reply in the Lok Sabha, Finance Minister Arun Jaitley said, investigations into information put into public domain by the ICIJ, about 700 Indian persons allegedly linked to offshore entities, have led to detection of over 11 thousand crore rupees of credits in undisclosed foreign accounts. 

He said, information on 628 Indian persons holding bank accounts in HSBC bank in Switzerland was received from the government of France and after systematic investigation, undisclosed income of about 8,437 crore



rupees was brought to tax till May this year. 

The Minister said, 72 prosecution complaints in 31 such cases have been filed before the criminal courts. He said, the government constituted a multi-agency group last year for speedy investigation in the cases of Indians allegedly having undisclosed foreign assets and whose names were reportedly included in Panama papers leak. 

Replying to a query, Mr. Jaitley said, there is no official estimation of black money stashed by Indians in foreign countries. However, he said, the government had commissioned a study on estimation of unaccounted income and wealth inside and outside the country.