No estimate of black money stashed abroad: Government

New Delhi, December 14

There was no estimate of black money stashed in foreign accounts over the last five years, but Rs 2,476 crore was collected as tax and penalty under the one-time three-month compliance window during 2015, the government said in the Rajya Sabha on Tuesday.

Rs1,294 crore tax and penalty levied on unreported foreign bank accounts in HSBC cases

Rs153.88 crore collected in Panama and Paradise Paper Leaks

“There is no official estimate regarding the amount of black money in foreign accounts during the last five years. However, the government has taken various steps against black money which have led to positive results,” said Minister of State for Finance Pankaj Chaudhary while replying to a query on the amount of black money brought back to the country after 2014.

Giving a break-up of the action taken following revelations by an International Consortium of Investigative Journalists (ICIJ), he said the government had so far levied tax and penalty of more than Rs 1,294 crore in unreported foreign bank accounts in “HSBC cases” and Rs 153.88 crore had been collected 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. “The ICIJ revelations have led to detection of more than Rs 11,010 crore of credits in undisclosed foreign accounts so far,” said the minister.

Chaudhary further said the government had set up a multilateral regime for proactive sharing of financial information and an SIT on black money in May 2014. — TNS

Join Whatsapp Channel of The Tribune for latest updates.