The Government on Friday informed Parliament that 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.
In a written reply in the lok Sabha, Finance Minister Arun Jaitley said investigations into information, put into public domain by the International Consortium of Investigative Journalists (ICIJ), pertaining to
about 700 Indians allegedly linked to offshore entities under no tax or low tax jurisdiction, have led to detection of more than Rs 11,010 crore of credits .
“Seventy two prosecution complaints in 31 such cases have been filed before the criminal courts,” he said.
The Government constituted a multi-agency group (MAG) in April 2016 for facilitation co-ordinated and speedy investigation in the cases of Indian persons allegedly having undisclosed foreign assets and whose names were reportedly included in Panama papers leak.
He further said information on 628 Indian persons 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 systematic investigation in these cases, undisclosed income of about Rs 8,437 crore was brought to tax till May 2017.