The Income Tax department has detected over Rs 19,000 crore in black money following investigations into global leaks, including HSBC account holders in Switzerland, according to a PTI report on Friday.
The PTI report quoted Finance Minister Arun Jaitley as saying that investigations into information put in the public domain by the ICIJ or the International Consortium of Investigative Journalists, pertaining to about 700 Indian persons allegedly linked to offshore entities based on no tax or low tax jurisdiction, have led to the detection of more than Rs 11,010 crore of credits in undisclosed foreign accounts.
"72 prosecution complaints in 31 such cases have been filed before the criminal courts," Jaitley informed the Lok Sabha, according to the report.
The government constituted a multi-agency group (MAG) in April 2016 to facilitate and expedite investigation in cases of Indian individuals who allegedly have undisclosed foreign assets and whose names were reportedly included in the Panama papers leak.
Jaitley said that information on 628 Indian individuals holding bank accounts in HSBC bank in Switzerland was received from the government of France under the Double Taxation Avoidance Convention (DTAC) between India and France.
"As a result of the systematic investigation in these cases, undisclosed income of about Rs 8,437 crore was brought to tax till May 2017. Besides, concealment penalty of Rs 1,287 crore was levied in 162 cases and 199 criminal prosecution complaints were filed in 84 cases," Jaitley pointed out.
He noted, however, that the information received under the tax treaties can be used for tax purposes and its disclosure is governed by the confidentiality provisions of such treaties.
Replying to a query, whether the government has made any assessment of black money stashed away by Indians in foreign countries, Jaitley said there is no official estimation of that, the PTI report said.
However, he said, the government had commissioned a study on estimation of unaccounted income and wealth inside and outside the country to be conducted by NIPFP, NIFM, and NCAER.
"The reports of these institutions and the government's response to the findings in the reports would be placed before the Standing Committee on Finance shortly," he added.
